Van Lanschot signs purchase agreement for acquisition of CenE Bankiers

F. van Lanschot Bankiers NV (Van Lanschot) has signed the purchase agreement for the acquisition of the shares in CenE Bankiers. On 20 July 2004, Van Lanschot announced that it expected to reach agreement with ING Groep NV on the acquisition. CenE Bankiers will strengthen Van Lanschot's position as a bank focused on high net-worth individuals and (family) businesses.
The acquisition price amounts to approximately 250 million, including about 82 million in goodwill. The acquisition price takes into account future liabilities  for Van Lanschot, for pensions of current CenE Bankiers' employees in conformity with IFRS. The exact acquisition price will be determined on the basis of CenE Bankiers' balance sheet at the date the shares are transferred and may be influenced by adjustments, such as requirements related to the implementation of IFRS (International Financial Reporting Standards) as per 1 January 2005.
The shares are expected to be transferred on 30 September 2004, subject to, among other things, obtaining a declaration of no objection from The Dutch Central Bank (De Nederlandsche Bank) for the acquisition. Further details regarding the financing of the acquisition will be disclosed within weeks. Van Lanschot will consolidate CenE Bankiers as from the fourth quarter of 2004.
's-Hertogenbosch, 27 September 2004
The full press release can be downloaded from the following link: