SNS Reaal considers its options for property finance problems
Tuesday 06 November 2012
SNS Reaal is considering a new share issue as a possible option for its property investment problems, the Financieele Dagblad reported on Tuesday.
Net losses at SNS's property arm reached €99m in the third quarter ‘due to further weakening of Dutch real estate markets’.
‘We are making progress in the exploration of a broad range of scenarios for both strategic restructuring and the enhancement and simplification of our capital base, which we announced earlier this year,’ the bank said in a statement.
‘Our aim is to find a comprehensive solution for the property finance portfolio and the capital position of SNS Reaal. The outcome will likely consist of a combination of several measures.’
The group as a whole booked third-quarter net profit of €34m, well down on the €51m booked in the year-earlier period.