NETHERLANDS - SNS Bank's securities business has reached an agreement to buy specialist securities firm and institutional investment manager FBS Bankiers, for an undisclosed amount.

SNS announced this morning it has reached a "final agreement" with VVAA Groep, the financial service provider for healthcare professionals, to acquire its Amsterdam-based subsidiary FBS.

SNS declined to reveal the price it has agreed to pay for FBS, though spokesman Tom Gordijn commented in June: "It is a very small transaction, FBS has a turnover of less than €10m."

Parties expect to complete the acquisition within the next two months, SNS said in a statement.

SNS wants to strengthen its position on the Dutch securities market with the acquisition as FBS' main services are securities advice and asset management for both institutional and private clients.

A total of 30 FBS employees will join SNS Securities, while 10 will remain with the parent company VVAA.

"Both the clients of FBS Bankiers as well as the personnel will benefit from the professional organisation and the high-quality research of SNS securities," said Willem Meijer, chief executive of SNS Securities.

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