Dutch state-owned SNS Reaal's loss widens on property finance woes
AMSTERDAM Feb 13 (Reuters) - SNS Reaal, the Dutch banking and insurance group which was nationalised last year, reported a 1.95 billion euro ($2.65 billion) net loss for 2013, double the hit in the previous year, as losses at its property division soared.
The Dutch state put together a 10 billion euro rescue package for SNS Reaal a year ago, the second bailout since 2008 for the group, to prevent its collapse under property loan losses and shore up confidence in the financial system.
Gerard van Olphen, chief executive since the rescue, said SNS Reaal had started disentangling its banking and insurance operations and would push ahead with its restructuring in preparation for the sale of its insurance business.
However, he warned the outlook for both the banking and insurance operations remained difficult because of the weak domestic economy, and said the divestment of the insurance business could result in a substantial loss.
- Malaysia Airlines plane missing, presumed crashed in South China Sea |
- UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws red line' on North Korea, says won't allow war on peninsula
- No signal picked up from missing Malaysia Airlines plane-Vietnam official
- Malaysian plane crashed off Vietnam coast: state media