Nationalised SNS Reaal to be split into a bank and an insurer
Nationalised financial services group SNS Reaal is to be split into a bank and an insurance company, the European Commission said on Wednesday.
The plan to split up the company was presented to the commission by finance minister Jeroen Dijsselbloem in August. The aim is to create an independent SNS Bank which will focus on retail activities. The insurance side, Zwitserleven, will be eventually sold off and the property loans are being placed in a ‘bad bank’.
SNS Reaal was nationalised in February after running into financial problems caused by its property investments. In total, saving the bank cost the Dutch taxpayer €4.8bn.
Meanwhile, the Dutch consumer authority ACM said on Wednesday the government has taken sufficient steps to ensure the financial sector remains competitive.
SNS Reaal, ABN Amro and insurance group ASR have been nationalised and ING still faces restrictions after being bailed out by the state.
However, rules banning executives from having dual roles and strict separation of information mean competition has not been compromised, the ACM said.
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