NETHERLANDS – Dutch custody services group KAS Bank has named Peter Goebel to succeed chairman F.S. von Balluseck.

The bank said Goebel would join on January 1 2004 as a member of the managing board. “Following a familiarisation period, Mr Goebel will succeed Mr F.S. von Balluseck, who will reach pensionable age in 2004, as chairman of the board at the next general meeting of shareholders to be held on May 13 2004.”

Goebel worked at ABN AMRO for 13 years. In 2000 he joined Achmea.

The management changes come as the bank said that demand for loans against collateral of securities and credit balances on current accounts held by client institutions “decreased strongly” in the third quarter.

In September, KAS Bank reported a 29% decline in operational net profit to 8.2 million euros in the first half. Custody and investment management services commission income slipped 10% to 11.2 million euros.