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Van Lanschot Kempen to book €35M goodwill impairment in FY'19 results

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Van Lanschot Kempen to book €35M goodwill impairment in FY'19 results

Van Lanschot Kempen NV will book a one-off impairment of goodwill of €35 million in its 2019 results.

The Dutch bank said the one-off impairment relates to the goodwill involved in its acquisition of Kempen & Co. in 2007, specifically its merchant banking operations, and was driven by an adjustment in the discount rate and flattening growth expectations for the activities.

The impairment will not affect Van Lanschot Kempen's liquidity position or common equity Tier 1 ratio, as the determination of CET1 capital already deducts goodwill, the company noted, adding that its dividend policy will also be unaffected.

The company will publish its full-year 2019 results Feb. 20.