On this page you will find the answers to the most frequently asked questions regarding the take-over of KAS BANK by CACEIS.
27 Sep 2019
1. What changes after the take-over of KAS BANK by CACEIS?
As per the September 30, 2019 KAS BANK is part of CACEIS. Except from the change of ownership, almost nothing changes. The legal entity KAS BANK N.V. will continue to exist, contacts and service agreements will remain the same and the current contracts and agreements will remain valid. KAS BANK's strategy will also remain largely unchanged, we will continue to serve our clients as they are accustomed from us. What does change is that we are now part of CACEIS and clients can benefit from the wider range of services, solid balance sheet and the credit rating of CACEIS and its parent company Crédit Agricole.
To reinforce the fact that KAS BANK is now part of CACEIS, we will present ourselves as CACEIS (trade name) as of October 28th, 2019.
2. What is the impact on the activities KAS BANK N.V. is performing for their underlying clients?
All activities KAS BANK N.V. is performing for their clients will remain unchanged after the change of control. From a legal standpoint KAS BANK N.V. will still act on behalf of their clients based on the contractual arrangements that are in place. The power of attorney that KAS BANK N.V. has to be able to act on behalf of the client remains unchanged.
Following the completion of the transaction, KAS BANK and CACEIS intend to pursue a legal merger. As a consequence, it is expected that in the course of 2020, KAS BANK will become a branch of CACEIS. Until the conclusion of the legal merger, KAS BANK N.V. will remain active under the current legal name.
3. Will the current contract and commercial terms with KAS BANK remain?
Existing contracts and agreements remain in force. The contracts will be honoured by both CACEIS and KAS BANK. The terms and conditions stipulated in the existing contracts and agreements remain in force.
4. What is the impact on asset safety/ under the Wge?
The Dutch Securities Book-Entry Administration and Transfer Act (Wet op het giraal effectenverkeer, Wge) remains in place and KAS BANK will remain under supervision of the Dutch Central Bank (DNB).
5. What are the effects of the take-over on the daily activities?
The take-over will not have an immediate effect on the daily operational activities of KAS BANK. The current operational organisation as well as your usual commercial, legal and operational points of contact will remain unchanged. What does change is that we are now part of CACEIS and clients can benefit from the wider range of services, solid balance sheet and the credit rating of CACEIS and its parent company Crédit Agricole.
6. What are the effects of the take-over on the management of the company?
The Managing Board stays on board and will continue to consist of Sikko van Katwijk (CEO) and Mark Stoffels (CFO). As announced on September 23, 2019 the Managing Board will be further strengthened by the appointment of Christophe Pierron as COO. The Supervisory Board now consists of Peter Borgdorff, Pauline Bieringa, Hans Snijders, Jean-François Abadie, Catherine Duvaud and Joe Saliba. The last three members have been added by CACEIS.
7. What is the impact for the on the legal structure of KAS BANK N.V.?
KAS BANK is a subsidiary of the CACEIS Group as of September 30th and the current legal name, KAS BANK N.V. remains. This also applies to the KAS BANK UK and German branch.
We expect that KAS BANK N.V. will be legally transformed into the Netherlands branch of CACEIS Bank next year. The legal name of KAS BANK N.V. will then change its name to CACEIS Bank, Netherlands Branch.
8. What are the impacts on the activities performed locally?
The performance of our activities in the three countries remain unchanged. Besides, the current operational organisation as well as your usual commercial, legal and operational points of contact will remain unchanged.
9. What are the impacts for clients on contracts?
The contractual relationships between KAS BANK N.V. and its clients in the three home markets (NL, UK and DE) will remain unchanged and the agreements in place will stay effective without any formalities having to be completed by clients.
10. What is the impact for regulator supervision?
KAS BANK N.V. remains under the supervision of the Dutch Central Bank (De Nederlandsche Bank) until KAS BANK N.V. is legally transformed into the Netherlands branch.
11. What are the impacts on official codifications?
a. BIC code?
The BIC codes remain unchanged after September 30th, 2019.
b. IBAN account numbers?
The IBAN account numbers remain unchanged after September 30th, 2019.
c. Commercial Register number?
Our registration number at the Dutch Chamber of Commerce (Kamer van Koophandel) remain unchanged after September 30th, 2019.
d. VAT number?
The VAT number does not change after September 30th, 2019.