By Patrick Costello 
 

Credit Agricole SA's (ACA.FR) Caceis Bank subsidiary on Friday said it launched an all cash offer for the acquisition of KAS Bank NV (KA.AE).

Caceis submitted an offer of 12.75 euros ($14.20) a share for KAS Bank, valuing the Dutch bank at EUR187 million, Caecis said. The offer period begins on July 29 and ends Sept. 23, with the transaction expected to close in the second half of 2019, the French bank said.

KAS Bank's management and supervisory boards unanimously support and recommend the offer, it added.

This acquisition of KAS will enhance Caceis's ability to serve pension fund, insurance company and asset-management company client as well as strengthen its standing in the Netherlands, Caceis said.

"We are delighted to be taking these steps towards strengthening our market share in the Netherlands, Germany and the UK," Caceis Chief Executive Jean-Francois Abadie said.

"This deal is an excellent opportunity to bring significant pension fund servicing expertise into the Caceis group," he added.

 

Write to Patrick Costello at patrick.costello@dowjones.com.

 

(END) Dow Jones Newswires

July 26, 2019 13:16 ET (17:16 GMT)

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