Marius Menkveld is stepping down as CEO of SNS Property Finance following strategy changes at the Netherlands-based real estate financier. Menkveld is leaving on 1 October and is also resigning from the board of directors of SNS Bank and the management committee of SNS Reaal.
Marius Menkveld is stepping down as CEO of SNS Property Finance following strategy changes at the Netherlands-based real estate financier. Menkveld is leaving on 1 October and is also resigning from the board of directors of SNS Bank and the management committee of SNS Reaal.
Menkveld joined SNS Bank in 1985, and after holding various positions he was appointed CEO of SNS Property Finance in January 2007.
Interim manager Coen van der Bijl will replace Menkveld as CEO of the property lender. An associate partner at Boer & Croon Executive Managers, Van der Bijl previously served on the board of directors at AON Risk Services and ING Real Estate. The intended appointment is subject to approval of the Dutch Central Bank.
Amsterdam-listed banking group SNS Reaal, of which SNS Property Finance is a part, has embarked on a restructuring programme that will see a reduction of its property lending activities.
The group further announced on Thursday that it had completed a EUR 135 mln equity issue via an accelerated bookbuild offering.
The proceeds of the equity issue will be used to partly finance the repurchase of EUR 185 mln of the total of EUR 750 mln of core tier 1 securities obtained from the Dutch State and EUR 65 mln of the total of EUR 500 mln of core tier 1 securities obtained from Stichting Beheer SNS Reaal.
