Having booked a loss of 30 million in the first half of 2009, as reported in their interim financial report, SNS REAAL is refocusing SNS Property Finance exclusively on its domestic market, the Netherlands. It will reduce its international activities in a controlled and gradual manner over the coming years.
With this strategic shift, SNS Property Finance will further de-risk its balance sheet and establish a more prudent balance between risk and returns. This change in strategy is in line with SNS REAAL's policy to focus on the Netherlands as its core market. The organization is being adapted to this revised focus; over time this will result in a lower risk profile as well as a lower cost base.
Source: SNS REAAL