NETHERLANDS – Dutch custody services group KAS Bank reduced its staff levels by five in 2003.

Spokesman Bob Goulooze said staff numbers at the end of 2003 were 740 from 745 before. KAS said in January that it was aiming to improve productivity.

“The turnover in relation to the costs must improve on both sides,” said managing board chairman Sander von Balluseck at the start of the year. “We operate and compete in a European market with other international providers and old Dutch collective labour agreement provisions are less suitable in this context.

“We are working on a good solution, which will result in a considerable improvement in productivity that will further consolidate our competitive position.”

Von Balluseck added that “results will be lower, though productivity, volumes and extent of business may increase”. KAS is due to report its 2003 earnings on March 11.

Separately, State Street Corp. said it has hired KAS Bank’s Simone Vroegop to join its sales team in the Netherlands.

She worked for KAS for three years as relationship manager for Dutch institutional clients. She will now report to Rod Ringrow, managing director of State Street’s investor services business in the Netherlands.

Goulooze said Vroegop was not among those made redundant. “She must have had an offer she couldn’t refuse from State Street,” he said.

“We have been successful in building a significant number of strategic partnerships with our investor services clients in the Netherlands,” said Ringrow.

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