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KAS BANK transfers private banking activities to Nachenius Tjeenk

KAS BANK and Nachenius Tjeenk have reached agreement on the transfer of the private banking activities of KAS BANK to Nachenius Tjeenk. The transaction will involve the transfer to Nachenius Tjeenk of about EUR 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.

During the past years, KAS BANK's strategy has successfully focused on the consolidation of its position as European specialist in securities and information services for professional parties, in particular institutional investors and financial institutions. The transfer of KAS BANK's private banking activities to Nachenius Tjeenk is consistent with this strategy to focus entirely on its European wholesale activities.

For Nachenius Tjeenk, the acquisition represents an important step in its development strategy, enabling it to reach EUR 2.5 billion in assets under management, to be compared to the EUR 1.3 billion that it managed at the time of its acquisition by BNP Paribas Private Bank in mid 2005. With the acquisition of the private banking activities of KAS BANK, Nachenius Tjeenk confirms its position as one of the leading platforms in the Netherlands exclusively dedicated to private banking services.

Albert Röell, Chairman of the Managing Board of KAS BANK:
“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. 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.”

Cees Bijloos, Executive Board Chairman of Nachenius Tjeenk:
“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. 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.”

KAS BANK ( is a solid and specialist European securities bank providing a wide range of securities and investor services to institutional investors and financial institutions. KAS BANK is listed on Euronext Amsterdam. It has offices in Amsterdam, London and Frankfurt. KAS BANK is incorporated in 1806 and celebrated its bicentenary in 2006.

About Nachenius Tjeenk
Founded in 1790, Nachenius Tjeenk ( is a renowned bank with a long tradition in the field of private banking in the Netherlands and, like KAS BANK, has its headquarters in the centre of Amsterdam. Nachenius Tjeenk is, since 2005, the Dutch subsidiary of BNP Paribas Private Bank (, the private banking arm of BNP Paribas which ranks among the top ten players world-wide in the field of private banking, managing approximately EUR 140 billion on behalf of its clients and having operations in more than 30 countries.

About BNP Paribas
BNP Paribas ( is a European leader in banking and financial services, and ranks among the world's top 15 banks by market capitalization. It has around 140 000 employees, 110 000 of whom are based in Europe. The group occupies leading positions in three significant fields of activity: Corporate and Investment Banking, Asset Management & Services and Retail Banking. It is present in 85 countries and has a strong presence in all the key financial centres. Present throughout Europe, in all its business lines, France and Italy are its two domestic markets in retail banking. BNP Paribas enjoys a significant and growing presence in the United States and leading positions in Asia and in emerging markets.