KAS BANK, a Netherlands-based financial services firm, has signed an agreement to acquire Deutsche Postbank Privat Investment Kapitalanlagegesellschaft mbH (PPI), which belongs to Germany-based Deutsche Postbank Group.
It has reported that 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.
Albert Röell, chairman of the KAS BANK managing board, said: “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, said: “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. This will enable us to achieve cost benefits while continuing to maintain an optimum standard of service.”
Transfer of the shares is scheduled for the end of July.
