CACEIS looks to buy out KAS Bank 25 February 2019Amsterdam Reporter: Jenna Lomax
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CACEIS is due to buyout KAS Bank after a conditional agreement on a recommended all-cash offer by CACEIS was put forward.
The intended offer is €12.75 per security, which values KAS Bank at €188 million.
According to CACEIS, the management board and supervisory board of KAS Bank unanimously support and recommend the offer.
The offer is expected to be completed in Q3 2019 and is subject to customary conditions.
Jean François Abadie, CEO of CACEIS, commented: “We confirm CACEIS’ winning strategy by targeting the best opportunities to deepen our European market coverage and expand our product offering. KAS Bank is the perfect fit in this regard. We share with KAS Bank the same vision of the market, and aim at delivering responsible, efficient, customer focused and innovative service.”
He added: “With the addition of KAS Bank, CACEIS value proposition for its shareholders, clients and employees, will definitely be strengthened. Crédit Agricole, our parent company, stands firm by us in this operation that is perfectly in line with the financial and strategic guidelines the group has set for CACEIS.”
Sikko van Katwijk, chairman of the managing board of KAS Bank said: “Founded in 1806, KAS Bank has developed from a ‘kassiersbedrijf’ to a leading Dutch administration bank. The agreement we reached today marks the start of a new era for all of us. Teaming up with CACEIS increases our competitive strength and enhances our investment and innovation power in a market where scale is an increasingly important factor."
He added: "Our staff will benefit from this improved positioning as well as from enhanced career opportunities within the combination. Our conversations with CACEIS have strengthened our belief that a combination of CACEIS and KAS Bank puts our organisation in trusted hands. The supervisory board and the managing board of KAS Bank believe that a combination of KAS Bank and CACEIS is beneficial for KAS Bank and all of its stakeholders.”
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