NETHERLANDS/BELGIUM - Dutch bank insurer SNS Reaal has today announced it has completed the acquisition of Zwitserleven, including its asset management arm and Swiss Life Belgium.

SNS agreed to take over both the Belgian and the Dutch businesses of Swiss Life Holdings in a €1.53bn deal last November, before revealing it would sell Swiss Life Belgium to Delta Lloyd Group. (See earlier IPE story: ‘SNS plans Swiss Life Belgium sale')

The acquisition was financed by the issue of €600m in shares and €930m in debt instruments and internal resources.

SNS said in a written statement today Zwitserleven and Swiss Life Belgium will now be consolidated though SNS plans to allow life insurer Zwitserleven to continue as a standalone business and brand, adding "in line with SNS REAAL's multi-brand strategy, Zwitserleven will be positioned as the pension label of SNS Reaal".

The current pension activities of Reaal Verzekeringen, including AXA NL and Winterthur, will also be integrated into Zwitserleven.

The company added it anticipates completing the transaction with Delta Lloyd before the summer.

Utrecht-based SNS Reaal provides banking and insurance services, with a focus on the Dutch retail market and on small and medium-sized businesses. The firm currently employs 7,000 staff.