NETHERLANDS - Laurens Vis, managing director of the London branch of Dutch securities custody bank Kas Bank, said the company is in "serious talks" with a UK based institution over a possible joint venture.

Speaking at Kas Bank's new year's reception in London yesterday, Vis narrowed down the widely-known expansion plans to the UK, though declined to comment further.

He added he companies are close to an agreement and expects discussions to lead to an agreement within the next few weeks.

Albert Röell, chief executive of the Amsterdam-based bank, told IPE Kas Bank is also in talks with two further organisations based on the continent.

It seems the company is finally drawing to a close its first push for mergers and acquisition, since announcing early last year it would actively look for joint ventures in Western Europe to further strengthen its position.

A spokesman told IPE last year: "Our strategy of consolidation in Europe as a pure player in the wholesale securities services business is key in the process."

KAS Bank focuses on custody portfolios and administration in the value-added business.

The company has already expanded its institutional position with the launch of its Frankfurt office a year ago.

Last year, Röell said despite German clients already using KAS Bank's system, "we found the need to be closer to our customers," said Röell, adding that the company needs German "to hunt Germans".

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

Topics