CVC to lead €1.8bn restructuring of SNS Reaal

The deal could see CVC and co-investors injecting €1.8bn into the financial services group. Rabobank, ABN Amro and ING would add another €400m in subordinated debt.

The official restructuring plan will be announced alongside Q4 2012 earnings in February. The deal would need to seek regulatory approval from the Dutch Central Bank and the Dutch Finance Ministry.

Earlier in January, SNS Reaal announced the need to restructure due to its toxic property loan holdings. A deal was estimated to be worth €1.2-1.8bn. The European Commission had initially voted against the involvement of other Dutch banks, as ING and ABN received state-funded bailouts during the financial crisis. In 2008, SNS Reaal received €750m from the Dutch government.

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• Topics
• Benelux
• Financials
• Restructuring
• Netherlands
• CVC Capital Partners
• ING
• ABN Amro