KAS BANK Acquires Fund Administration of Postbank in Germany
KAS BANK N.V. is to acquire Deutsche Postbank Privat Investment Kapitalanlagegesellschaft mbH (PPI), which belongs to Deutsche Postbank Group. An agreement to this effect was signed Wednesday evening in Bonn. Transfer of the shares is scheduled for the end of July. PPI administrates the mutual funds of Postbank Group in Germany. The parties have agreed not to disclose the purchase price.
Albert Röell, chairman of the KAS BANK Managing Board:
“We are delighted that our plans to acquire Deutsche Postbank Privat Investment Kapitalanlagegesellschaft have succeeded, as this fits perfectly within our growth strategy in Europe and the German institutional market. Since July 2008 we have offered fund administration services to pension funds and insurers through our subsidiary KAS Investment Servicing GmbH in Wiesbaden. With the acquisition of PPI we have taken another step in developing our activities as a Master KAG for mutual funds and administration.”
Horst Küpker, member of the Board of Management, responsible for Financial Markets at Postbank:
“The sale will enable us to concentrate on fund management and sales, our core competences in terms of fund activities. Administration is being taken over by KAS BANK in its capacity as a highly specialized fund manager. This will enable us to achieve cost benefits while continuing to maintain an optimum standard of service.”
The sale does not entail any changes for Postbank customers. The funds will continue to be run by the same management under their existing names. Clients’ custody accounts will also be upheld and fund sales will remain unchanged. The 20 or so staff of PPI at the Bonn location will be taken on by Postbank.
Jörg Sittmann, Managing Director for Germany:
“The combination of local expertise and our independent position as a 'pure player' offers excellent opportunities for further growth in the German market. This represents a positive move in the expansion of our services.”
Profile: KAS BANK N.V. KAS BANK is a European specialist in wholesale securities services. As an independent bank, we connect professional financial institutions both within Europe and across the globe. We focus on providing added-value services to national and international organizations active in the pensions and securities industries. We view the market from the perspective of our clients – tailor-made services and complete transparency are paramount in helping them to meet their business objectives. We are established in Amsterdam, London and Wiesbaden.
Profile: Deutsche Postbank AG With 14 million active domestic customers, approximately 21,000 employees and total assets of €241 billion, Deutsche Postbank Group is one of Germany’s major financial services providers. Its focus is on retail business with private customers. It is also active in the corporate banking sector. In its Transaction Banking division, it carries out payment transactions and provides account services for other financial services providers. In 2009 Deutsche Postbank is celebrating its 100th anniversary.
www.postbank.de Press Contacts