KAS BANK in exclusive talks to sell its office building in Amsterdam

KAS BANK

KAS BANK Press release 28 september 2016

KAS BANK is in exclusive talks with Kroonenberg Groep to sell its office building in Amsterdam. Most likely the sale will take place at the end of 2016 and will result in a gross profit of more than EUR 20 million. KAS BANK will remain in its current building, leasing it from Kroonenberg Groep until the end of 2017. Following this, KAS BANK will move to a new location in the greater Amsterdam area which is yet to be determined.

As announced in an earlier press release regarding the bank’s half-year figures, KAS BANK will incur non-recurring costs associated with the contract for outsourcing IT. KAS BANK will put in place additional measures to achieve structural annual cost reduction of EUR 20 million in the period up to and including 2019. These measures will likely result in additional non-recurring costs in H2 2016.

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