NETHERLANDS – KAS Bank says one of its foreign sub-custody clients has pulled some €70bn.

The announcement follows a statement earlier this year that it had lost €30bn from another sub-custody client.

“KAS Bank announces that, mid-2006, a foreign client of Dutch sub-custody services will transfer its portfolio of approximately €70bn to outside the bank,” KAS said today.

It did not name the client and a spokeswoman added that it never names clients.

“The transfer is in line with the earlier announced policy of KAS Bank to focus more on added value services and less on volume,” the statement said.

“As this service relates to a section of the bank's Dutch basic services for which KAS Bank solely acts as operational manager and which exists completely separately from its European service range, the transfer will not have any influence on the services provided to institutional investors and financial institutions,” it added.

The withdrawal would “only have a marginal effect on the bank's result and profitability”.

On February 17 KAS said one of Dutch sub-custody clients was to pull around €30bn.

Earlier this month KAS named John van Scheijndel as chief financial officer and Hans Kadiks to the board, with responsibility for client focus.