Van Lanschot has strengthened its capital position by issuing €150m in preference shares to a ‘select group of investors’, the private bank said on Monday.

The move is necessary to counteract losses on its investment portfolio and extra write-offs on an IT project, the NRC reports.
The bank said it expects full-year net profit to reach €30m, compared with €215m in 2007.
‘Since the credit crisis has taken hold, the bank has felt that it needs to further strengthen its already solid capital position. The issue of these preference shares allows us to bring our ratios back up to the upper end of the new market levels,’ CEO Floris Deckers said in a statement.