Published: 8:30 CET

Today, Van Lanschot Kempen announced it has reached agreement on the sale to De Goudse Verzekeringen of its 49% stake in Van Lanschot Chabot | Mandema & Partners (VLCMP). This transaction fits in with Van Lanschot Kempen’s strategic focus on wealth management, and is expected to be completed in the first half of 2019. It should generate a book profit of around €15 million, and possibly also come with a minor earn-out in the first half of 2020.

In 2017 and in the first half of 2018, VLCMP contributed -€0.4 million and €1.5 million respectively to Van Lanschot Kempen’s net profit (IFRS). The sale has only a limited positive impact on the CET 1 ratio.

VLCMP is a Dutch intermediary in the field of risk management, absenteeism, pensions and private insurance, and also provides insurance solutions to Van Lanschot Kempen’s private banking clients. VLCMP has developed well in the past few years and its 2016 takeover of Mandema & Partners has significantly enhanced its market position.

At this point, De Goudse Verzekeringen holds 51% of the shares in VLCMP, and it will own the company outright after the transaction completes. Van Lanschot Kempen and VLCMP will continue to collaborate on the services provided to private banking clients.

Financial calendar

21 February 2019 - Publication of 2018 annual figures
28 February 2019 - Publication of 2018 annual report
24 April 2019 - Publication of Q1 trading update               
22 May 2019 - Annual General Meeting