PARIS, Feb 25 (Reuters) - Credit Agricole’s CACEIS division has agreed to buy KAS Bank for around 188 million euros ($213 million), in a deal Credit Agricole said would strengthen its position in the Dutch market and lead to possible savings.
The French bank’s CACEIS division will offer 12.75 euros for each KAS Bank share, a premium of 110 percent to KAS Bank’s closing price on Feb. 22.
“With the announcement today, we significantly upgrade our position in the Dutch market. In addition, CACEIS will further strengthen its expertise in servicing institutional investors such as pension funds and insurance companies, in order to distribute these services on a global basis,” said CACEIS chief executive Jean François Abadie in a statement.
$1 = 0.8814 euros Reporting by Sudip Kar-Gupta; Editing by Kim Coghill