Van Lanschot stake pushes Friesland Bank into the red

Friesland Bank booked a loss of €43m in 2010, compared with net profit of €27m in the previous year.

The loss follows a decline in value of the bank’s credit portfolio and its 22% stake in financial services group Van Lanschot. Friesland is in the process of reducing its stake in Van Lanschot.
Operating profit was €63m, up 12% on a year ago.

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