SNS Reaal says property finance clients are under investigation

AMSTERDAM Tue Jan 22, 2013 6:37am EST

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AMSTERDAM Jan 22 (Reuters) - Dutch bank and insurer SNS Reaal said on Tuesday the Dutch tax prosecutor is investigating former clients of its property finance subsidiary.

"Property Finance is not the subject of investigation. It concerns former clients, property projects which we have financed," an SNS Reaal spokesman told Reuters, confirming a media report.

Analysts expect SNS Reaal to require a second bailout from the state after booking more than 1.3 billion euros ($1.7 billion) of net losses on its property loans since 2009. (Reporting by Gilbert Kreijger; Editing by Sara Webb)

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