Dutch bank SNS takes over Zwitserleven

Dutch financial services group SNS Reaal has bought the Dutch and Belgian operating companies of the Swiss life insurance company Swiss Life for €1.5bn.

The takeover makes SNS Reaal the second biggest life insurer in the Netherlands with a market share of almost 16%. The takeover has been financed by the issuing of new shares for €600m loans and in cash.
SNS said it will continue to promote the Zwitserleven brand and will bring its own pension products from SNS Reall, AXA and Winterthur under the Zwitserleven label, ANP reported.

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