F. Van Lanschot Bankiers, the Dutch private bank, posted a 9.5 per cent rise in first half net profits to €101.6 million ($137.2 million), from €92.8 million a year earlier, after revenues increased by 30 per cent to €335.4 million, up from €253.4 million last year. The bank said its private banking strategy, which was fine-tuned last year, was paying off. The number of private banking clients rose by 2.6 per cent in the first half of 2007 and operating profit before tax totalled €44.3 million, a 5 per cent rise compared with the first six months of 2006. Assets under discretionary management for private clients climbed by 10.7 per cent to €6.4 billion. Savings accounts and deposits of private clients rose by 19.7 per cent to €4.8 billion. In the first six months of 2007, Van Lanschot's activities in the field of the securities trading and asset management were combined with those of Kempen & Co in Amsterdam. The bank is further refining its service model for high net worth private clients. Ultra high net worth clients – those with freely investable assets exceeding €5 million – of Van Lanschot and Kempen & Co are being given the option of being served under the label "Van Lanschot Kempen". International Private Banking – Luxembourg, Switzerland, Curacao – saw gross profits rise from €6.6 million to €7.5 million. Van Lanschot said it intends to conclude a collaboration agreement with De Goudse for Van Lanschot Assurantiën whereby De Goudse will acquire a 51 per cent interest in Van Lanschot Assurantiën. This is expected to result in a gain of approximately €20 million for Van Lanschot in the second half of 2007. The operations of Van Lanschot Assurantiën will be continued under the name Van Lanschot Chabot. This agreement is expected to be effective as of 1 November 2007. Van Lanschot and Van Lanschot Chabot have entered into an exclusive distribution agreement for a period of 20 years. De Goudse will also transfer the management of part of its investments and the advice on its investments to Kempen & Co. It has been agreed that Kempen Capital Management will manage €350 million of the investment portfolio of De Goudse as well as advising on a further investment portfolio worth €1.5 billion. Floris Deckers, chairman of Van Lanschot board of managing directors, said: "The alliance between Van Lanschot and Kempen & Co developed even better than expected. This indicates that we are well on our way to realising our private banking ambitions in the Netherlands and Belgium. The quality of the results realised in the first six months gives us confidence for the remainder of the year." F. van Lanschot Bankiers is the oldest independent bank in the Netherlands, with a history dating back to 1737. The bank focuses on three target groups: high net worth individuals, medium-sized businesses and institutional investors.