SNS Reaal
 |
|
| Naamloze vennootschap under public ownership | |
| Traded as | Euronext: SR |
| Industry | Financial services |
| Founded | 1997 |
| Headquarters | Utrecht, Netherlands |
|
Key people
|
Gerard van Olphen(CEO), Rob Zwartendijk (Chairman of the supervisory board) |
| Products | Retail banking, insurance |
| Revenue | €7.068 billion (2010) |
| Profit |
 (€225 million) (2010)
|
| Total assets | €127.67 billion (end 2010) |
| Total equity | €4.833 billion (end 2010) |
|
Number of employees
|
7,110 (FTE, 2010) |
| Subsidiaries | ASN Bank, AXA Nederland, REAAL, SNS Bank, SNS Regiobank, Zwitsersleven |
| Website | www |
SNS REAAL is a Dutch financial institution in insurance and banking which focuses on the private market and small to medium businesses and is since its nationalisation on 1 February 2013 a government-owned corporation.
The services to private and corporate clients are mainly from SNS Bank and insurance brand REAAL. SNS Bank serves its customers through its own stores, independent intermediaries, internet and telephone. REAAL sells its products and services exclusively through independent brokers.
As of 2011[update] the company had assets amounted to €132 billion, with about 7,000 full-time equivalent employees.
SNS was listed on the Euronext Amsterdam from 18 May 2006 until 31 January 2013. The "Foundation SNS REAAL" sold part of its stake in the company, its share decreased from 100% to 65.5%. The sale resulted in proceeds of approximately €950 million. At the flotation, SNS REAAL also gave out about 25 million new shares, this yielded €415 million. The shares were placed at a price of €17 each. End of 2006, the market capitalization of SNS amounted to €3.9 billion. The importance of the foundation in SNS has now fallen to just over 50%.
The bank used the money raised as part of the IPO for acquisitions and in particular wanted to buy an insurance company. 2006 and 2007 saw three major acquisitions.
In the summer of 2006, Bouwfonds Property Finance (BPF) was acquired, which was part of Bouwfonds Nederlandse Gemeenten NV, a former semi-public company that is mainly focused on owner-occupied homes and mortgages. The fund was fully privatized in 2005, because the latter municipalities sold their shares to the new owner ABN AMRO. In 2005, BPF had a net profit of €87 million. After the acquisition, the part resumed its activities under the name SNS Property Finance.
Seller ABN AMRO received €810 million for this activity. SNS REAAL strengthened in this way its position in the small to medium business market, and reduced its dependence on the mortgage market. At end of 2006, the loan portfolio of SNS Property Finance's was valued at €8.8 billion, of which 77% was in the Netherlands. Eventually, this acquisition ended up disastrous for SNS REAAL. The depreciation on real estate purchase eventually led to the forced nationalization of SNS REAAL on 1 February 2013.
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Wikipedia