Van Lanschot buys ING private banking

November 13, 2008 4:34 AM

Van Lanschot Bankers has reached an agreement with ING Bank on the takeover of the private banking division of ING Bank NV in Curaçao by Van Lanschot Bankers (Curaçao) NV. ING Bank will continue the wholesale banking activities in Curaçao.

Van Lanschot Bankers and ING intend to have the actual transfer take place in 2008. The takeover will take place on the condition of approval by the supervisor, the Bank of the Netherlands Antilles (BNA).

In connection with the takeover, five staff members of ING private banking will transfer to Van Lanschot, which will have to build an additional structure to the existing building at Schottegatweg Oost, according to Managing Director Peter Bless. Van Lanschot Curaçao has 27 staff members. No announcement is made on an amount in connection with the takeover. ING customers are given the opportunity to make a choice.

ING continues the wholesale activities, says Managing Director Remco Gaanderse of ING Bank NV Curaçao. As per January 1, ING in Zeelandia Office Park will only have thirty staff members. ING does not intend to cut back further in Curaçao, emphasizes Gaanderse. For strategic reasons, ING decided to concentrate the private banking activities in Europe and Asia.

Van Lanschot has been active in Curaçao since 1976 with services in the field of private banking, capital management, and trust. The takeover will lead to an expansion of the customer base and an increase in the “assets under management” of Van Lanschot Curaçao.

The transaction fits within Van Lanschot’s endeavor to offer Dutch and Belgian private banking customers a wide and high-quality service package. With its offices in Switzerland, Luxemburg, and Curaçao, Van Lanschot offers a solution to customers who need international capital management through the international structuring and investment of capital.

(Source: National newspaper “Antilliaans Dagblad”)

8 November, 2008

ING Bank was assisted in this transaction by VanEps Kunneman VanDoorne (Friso Foppes, Robert van Beemen and Randolph van Eps).