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SNS Securities may dispose of private banking business

Dutch financial firm SNS Securities is likely to dispose of its private banking business to Bank ten Cate & Cie.

The securities firm, which operates as a subsidiary of bank-insurer group SNS Reaal and employs approximately 25 staff, has sustained huge losses on property loans since 2009, reports Reuters.

During the height of financial crisis of 2008, the Netherlands government provided €750m to the company.

Mainly focusing on the retail market, including small and medium-sized businesses, SNS Reaal provides savings and investments, mortgages and other property finance as well as insurance and pension services.

Bank ten Cate & Cie oversees more than €1bn for its clients, and employs about 35 staff.