SNS to expand securities presence with FBS takeover

NETHERLANDS - SNS Bank's securities business is in talks to buy specialist securities firm and institutional investment manager FBS Bankiers for an undisclosed amount.

SNS announced this morning it is in "exclusive negotiations" with VVAA Groep, the financial service provider for healthcare professionals, to acquire its Amsterdam-based subsidiary FBS.

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

SNS said it wants to strengthen its position on the Dutch securities market so it looking to acquire FBS as its main services are securities advice and asset management for both institutional and private clients.

Should the deal be completed, almost 30 FBS employees will join SNS Securities while 10 will remain with the parent company VVAA.

"It is the intention to integrate SNS Securities and FBS Bankiers as soon as possible,"  SNS said in a statement.

The parties expect to reach an agreement before the end of the summer, subject to the approval of the regulator and the recommendations of the works councils involved.

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