Kas Bank has acquired 20% of Swedish execution platform provider Neonet to strengthen its position in the European securities infrastructure.
The acquisition will help the securities services provider to further develop its post-trade securities services in anticipation of the requirements of transparency and best-execution under European Directive MiFID II, which is expected to come into force next year.
Kas Bank has been Neonets post trade service provider since 2003. The companys platform serves European exchanges.
M.G.F.M.V. Janssen, secretary to the Managing Board at Kas Bank, explained that getting a stronger position in the post trade environment in Europe could best be reached by working with a party like Neonet. We already have a signed a contract with dwpbank to develop a European securities processing platform for retail banking,” he said. The joint platform with dwpbank aims to provide retail securities processing for The Netherlands by 2018. In the second phase of this joint venture, service solutions will be expanded to other European markets.
Kas Bank acquired the stake in Neonet from Nordic Capital Fund VII, which counts pension funds, asset managers, life insurance companies and endowments as its shareholders.
Neonets majority shareholder is Hay Tor Capital.
(JDC)