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Open Case:

SNS REAAL and SNS Bank Subordinated Bonds

LOSS RECOVERY

Company / Case:

Sns Reaal/Sns Bank

Relevant period :

From January 1st, 1997 to June 21st, 2024

Security Identifiers:

See list below

SNS REAAL N.V. and its subsidiary SNS Bank N.V. (together, “SNS”) were Dutch companies providing banking and insurance services. In the years leading up to 2013, SNS REAAL faced significant financial difficulties primarily due to substantial losses in their property finance division, SNS Property Finance. This division had accumulated a large portfolio of high-risk real estate loans that turned sour, leading to severe capital shortfalls and financial instability. Despite multiple attempts at restructuring and capital injections, the situation worsened.


On 1st February 2013, to avert a potential collapse that could destabilize the entire financial system, the Dutch government intervened. The state nationalized SNS REAAL NV and SNS Bank NV, injecting €3.7 billion in capital and assuming control to stabilize the institutions, protect customers, and restore confidence in the Dutch banking sector. As a result of the nationalization, on 1st February 2013 the Dutch Government expropriated certain bonds and other capital components issued by SNS and in so leading to the collapse of the prices of these instruments (see list below).


On 21st April 2023, the Dutch Supreme Court ratified the 2021 ruling of the Enterprise Chamber of the Amsterdam Court of Appeal which envisaged the right of compensation for holders of SNS’ expropriated instruments. After years of legal proceedings, a court-approved compensation scheme of €804,810,000 with interest has been set to be distributed to eligible claimants by the Dutch Finance Ministry.


The following investors of expropriated securities and capital components are eligible for compensation:

  • have held subordinated bonds issued by SNS Bank or SNS REAAL as of 1st March 2013 and have not subsequently assigned it;

  • have acquired one or more claims following from the expropriation of SNS REAAL or SNS Bank subordinated bonds from another person or organization since 1stMarch 2013;

  • have been and still are in possession of an unlisted subordinated bond, issued by SNS Bank under the name ‘SNS Participatie Certificaten 3’ since 1st March 2013 and received no compensation from SNS Bank or less than 90%;

  • certain holders of unlisted subordinated bonds, issued by SNS Bank under the name ‘SNS Participatie Certificaten 3’ for which SNS Bank failed to provide full compensation in 2013;

  • the holders of any of the following loans provided to SNS REAAL or a claim based on it:

    • the Van Doorn loan of 2000-2020 (7.13%);

    • the Van Doorn loan of 2000-2020 (7.10%);

    • the Stichting loan of 1997-2014;

    • the Poseidon loan of 1999-2019;

    • the OHRA Stichting loan of 1999-2024.    


Our proposal

Martingale Risk is offering support to recover losses to those who purchased SNS instruments. The claims process for damages incurred, which can be challenging and will require specialized expertise, will be filed in the Netherlands. We will be operating on a full contingent fee basis of the recovered amount, with no anticipated costs, fees or expenses for the clients.



SNS Bank - Defaulted Bonds

Securities Identifiers:

DESCRIPTION

TYPOLOGY

ISIN CODE

SEDOL 1

SEDOL 2

SEDOL3

SNSBNK Float PERP

JR SUBORDINATED BOND - PERPETUAL FLOATER

XS0310904155

B235W43 (NL)

B78C880 (DE)

-

SNSBNK 8.45 08/20/18

SUBORDINATED BOND

XS0382843802

B5LB8K2 (LU)

-

-

SNSBNK 11 ¼ PERP

JR SUBORDINATED BOND - FIX TO VARIABLE

XS0468954523

B4K9VM3 (DE)

B4XKLX4 (LU)

B4YV608 (NL)

SNSBNK Float PERP

JR SUBORDINATED BOND - PERPETUAL FLOATER

XS0172565482

7635353 (LU)

B8BH6L8 (DE)

-

SNSBNK 6 ¼ 10/26/20

SUBORDINATED BOND

XS0552743048

B59CTB5 (DE)

B42TD92 (NL)

-

SNSBNK 6 ⅝ 05/14/18

SUBORDINATED BOND

XS0363514893

B64SHB1 (LU)

B8G3TK1 (DE)

-

SNSBNK Float

SUBORDINATED BOND - FLOATING RATE

XS0097515307

 

 

 

SNS Participatie Certificaten Series 3

UNLISTED SUBORDINATED BONDS

-

-

-

-

Van Doorn loan (2000-2020)

LOAN

-

-

-

-

Van Doorn loan (2000-2020)

LOAN

-

-

-

-

Stichting loan (1997-2014)

LOAN

-

-

-

-

Poseidon loan (1999-2019)

LOAN

-

-

-

-

OHRA Stichting loan (1999-2024)

LOAN

-

-

-

-



Chi siamo - Marco e Pratesi.png

Marco Delzio 

CEO & Founder

Alessandro Proietti

Alessandro Proietti

Quantitative Analyst - Head of the International Team

Clizia Mongelli

Clizia Mongelli 

Business Development Consultant

Olga Vereemenko

Olga Veremeenko 

Project Officer

Contact

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