KAS BANK are to transfer their private banking activities to Nachenius Tjeenk, whose core business is made up primarily of private banking management. The transaction will involve the transfer to Nachenius Tjeenk of about €750 million currently managed by KAS BANK.
As part of the transaction, Nachenius Tjeenk will also acquire Associatie Cassa, the company within KAS BANK providing fiduciary services to the private banking clientele. The transaction is subject to the approval of the Dutch Central Bank (de Nederlandsche Bank – DNB) and is expected to be completed in the second quarter of 2007.
“We are very pleased that we are able to transfer our private banking activities to Nachenius Tjeenk, a bank for which private banking is its core activity,” says Albert Rell, the Chairman of the Managing Board of KAS BANK. “This ensures that the services for our clients can be continued in an optimal fashion. The transfer is a strategic choice which, to KAS BANK, means it can focus even more on its services to institutional investors and financial institutions. We will be working with Nachenius Tjeenk to ensure continued service excellence and a seamless transition for the private banking clients.”
“The acquisition of the private banking activities of KAS BANK is an important step forward. We are delighted at the prospect of sharing with the clients of KAS BANK our know-how and expertise in private banking,” adds Cees Bijloos, the Executive Board Chairman of Nachenius Tjeenk. “We look forward to the arrival of our new colleagues who will continue to serve their existing clients while benefiting from a broadened range of solutions to answer the investment and wealth management needs of their clients.”