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‘SNS: not too big to fail’
In early 2013, SNS Bank and SNS Reaal insurance company were saved from bankruptcy after a bailout from the Dutch government to the tune of €3.7 billion. Traditionally a savings and loan for the average citizen, SNS decides that it wants to become a major playing in the banking world after going public in 2006. SNS buys the property investment company Bouwfonds from ABN Amro for €810 million. Instead of the anticipated stroke of genius, the purchase, valued at €8.8 million, turns out to be a complete nightmare with an unhappy ending. .”]READ MORE[/tooltip]