KAS Bank says it has collected a net profit of approximately EUR8.4 million from the sale of part of its shareholdings in London Stock Exchange, Euronext and Deutsche Brse.
In line with its policy of involvement in the main infrastructural utilities in Europe, KAS Bank says it will continue to be a shareholder in each of the exchanges following these sales, and the action was taken only to improve the spread of holdings in the bank’s assets.
In addition, under the new IFRS regulations a non-recurring net profit of approximately EUR1.0 million has been realised over 2005 arising from pensions. On account of the legal increase of the pension able age from 62 to 65 years in the Netherlands; and the life-course savings scheme introduced this year, KAS Bank has conducted a research into the expectations with reference to the actual retirement age of staff members. The effects on the liabilities to KAS Bank’s pension fund have been included.
KAS BANK will publish its full annual figures on 7 March 2006.