Solution for SNS Reaal within days

A solution for the financial problems facing banking and insurance group SNS Reaal may be found within a week to 10 days, a spokesman said on Friday.

The spokesman was commenting on reports in the Financieele Dagblad which said the financial services group is in talks with a consortium of private investors.

He confirmed talks with organisations inside and outside the Netherlands have been going on for some time and are now at an advanced stage. The solution under consideration will involve less risk for the state and less money than a full-blown nationalisation, the spokesman said.

SNS Reaal has been hit by heavy losses at its property arm and its share price has been under heavy pressure in recent days.

SNS is due to present its annual report on February 14 and insiders expect a solution for the property division will be on the table by then.