Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

SNS REAAL TO NAME HANS COPIER CEO OF PROPERTY FINANCE UNIT


(The following press release issued by SNS Reaal NV was obtained from www.snsreaal.nl)

Progress on corporatization of SNS Property Finance.

Thursday, June 20, 2013. . SNS REAAL is making good progress in realising the Minister of Finance’s instruction to bring about an independent property organization that will manage the property and property finance portfolio of SNS Property Finance in the years ahead. The organization will move to a new location on July 2nd and will later continue with another name. In the context of the corporatization, Hans Copier will become its new CEO on Monday, June 24th.

These changes underpin the transition towards an independently operating property organization. With an eye for value maximisation for the Dutch State, the independent organization will focus on a controlled and professional phase-out of its property finance and property portfolio. The corporatization means that the property activities will disappear from SNS Retail Bank’s balance sheet, allowing the bank to focus on its core activities. SNS Property Finance’s corporatization route is followed in close consultation with the Ministry of Finance, which is being advised by BlackRock Solutions about the set-up and structure of the corporatization.

New situation

As CEO, Hans Copier will lead the organization. Until the beginning of this year he was country manager Netherlands at CBRE Global Investors, where he also served as fund manager for various Dutch property funds. Copier is succeeding Jaap van Dijk, who will be focussing within SNS REAAL on the preparation and implementation of the restructuring plan for the European Commission. “Since January 1st 2010, Jaap van Dijk led SNS Property Finance. Despite very challenging circumstances the organization managed to reduce its portfolio considerably during that period and I am grateful to him for his contributions to that process”, says Gerard van Olphen, Chairman of the Executive Board of SNS REAAL. “The product of the new situation for SNS REAAL, SNS Property Finance is entering a new period as well. This calls for a new CEO. I am confident that Hans Copier will play a valuable role.”

Credit limits

The total of credit limits of SNS Property Finance amounts to EUR 7.7 billion (as at the end of March 2013). The level of anticipated loans amounts to EUR 2.8 billion. The Dutch State intends to provide a guarantee of approximately EUR 5 billion for the funding of the property organization. When the guarantee is obtained, in combination with the transfer SNS Bank will not have any credit exposure to a corresponding finance amount. Accordingly, it will no longer carry the corresponding risk-weighted assets in its capital ratios either. In addition, the Dutch State intends to capitalise the property organization. The structure described above with regard to Property Finance (the spin-off, the funding guarantee and the capitalisation of the property organization) is subject to the European Commission’s consent. The intention is to phase out the portfolio over a period of eight to ten years.

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement