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KAS BANK and dwpbank scale down European collaboration

In good consultation KAS BANK and dwpbank have decided to limit the scope of their international cooperation to wholesale activities in Germany. This step is a consequence of the decision of dwpbank to focus on efficiency gains and standardization of services on its German home market.

20 Jun 2014

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The service agreement aimed at dwpbank processing certain of KAS BANK’s volumes and services is terminated. The migration was scheduled for mid-2015. KAS BANK will continue to provide the processing services in-house. For its customers nothing changes.

As a compensation for the loss of the anticipated annual saving that KAS BANK would have realised from 2016 onwards, dwpbank will pay KAS BANK a lump sum at the end of June which, after deducting the costs in 2014, amounts to approximately € 20 million. KAS BANK will use this one-off compensation to invest in further improving its efficiency and its services to institutional investors. dwpbank will focus its future investments on improving the quality and standards of its operations and IT.

In Germany, KAS BANK and dwpbank have been cooperating successfully since 2013 in the field of global network management services. This cooperation will continue. KAS BANK also remains fully committed to its custody and depository banking activities in Germany. In the same way dwpbank remains committed to the provision of its complete securities services to more than 75% of German credit institutions in retail and wholesale business. Both institutions will continue to mutually support each other through the exchange of knowledge and a joint approach to customer service.

The joint cooperation in offering retail securities processing to the Dutch banking sector will be halted. KAS BANK acquires dwpbank’s 50 percent share in the joint venture and will investigate how it will promote retail processing services to financial institutions in The Netherlands.

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Remko Dieker

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Remko Dieker

Secretary to the Managing Board / Investor Relations
+31 (0)20 557 51 80