BANCI | Ultima Ora

Fortis confirms sale of Banking and Belgian Insurance activities

Autor: Bancherul.ro
2008-10-06 10:39

Fortis announces that the Belgian government has acquired the remaining share (50% + one share) of Fortis Bank SA/NV. The Belgian government has reached an agreement with BNP Paribas on the subsequent transfer of a majority interest in Fortis Bank SA/NV. Furthermore, Fortis announces that BNP Paribas will acquire 100% of Fortis Insurance Belgium. Last night, the Fortis Board of Directors has approved these transactions.

'As a result of this transaction, the Fortis Group is exiting the banking business and the Belgian insurance business,' comments Fortis CEO Filip Dierckx. 'Given the extremely difficult market environment, the integration of Fortis Bank and Fortis Insurance Belgium into a truly leading European financial company is in the best interest of all stakeholders.'

Details of the transaction

Today, the Belgian state has bought the remaining 50% + one share of Fortis Bank from Fortis SA/NV for a total consideration of EUR 4.7 billion in cash;
A portfolio of structured products with fair value of EUR 10.4 billion is transferred by Fortis Bank to a separately managed entity jointly owned by the Fortis Group (66%), the Belgian State (24%) and BNP Paribas (10%).
The Belgian government has reached an agreement with BNP Paribas on the subsequent transfer of 75% of Fortis Bank SA/NV; the Belgian State will continue to own the remaining 25% of the company.
BNP Paribas will acquire 100% of Fortis Insurance Belgium for a total consideration of EUR 5.73 billion in cash, subject to final closing adjustment.

Impact on Fortis Group of the transactions of 3 and 5 October

The proceeds from the sale, announced on 3 October 2008, of the Dutch activities to the Dutch State for EUR 16.8 billion have been allocated as follows:
EUR 12.8 billion received for the Dutch banking activities (including ABN AMRO) remains within Fortis Bank;
EUR 4 billion received for the Dutch insurance activities goes to the Fortis Group
The EUR 4.7 billion proceeds in cash from the sale of the remaining 50% + one share of Fortis Bank to the Belgian State goes to the Fortis Group
The EUR 5.73 billion proceeds in cash from the sale of 100% of Fortis Insurance Belgium to BNP Paribas will go to the Fortis Group.

After these transactions, the assets of Fortis Group will consist of a 100% participation in Fortis Insurance International NV (first half 2008 net profit of EUR 102 million; insurance activities: the 100% owned activities in the UK, France and Hong Kong, and joint-ventures in Luxembourg, Portugal, China, Malaysia, India and Thailand), the 66% participation in the Structured Credit Portfolio entity mentioned above and cash.

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: Ultima Ora

ING lanseaza o platformă cu oferte speciale pentru clientii firme

ING lansează Business Deals, o platformă în care antreprenorii au acces la oferte B2B, negociate de reprezentanții băncii, pentru nevoile afacerii lor, anunta banca intr-un comunicat, in care adauga: Clienții beneficiază de reduceri la o gamă largă detalii

ING Bank sustine eficienta energetica a cladirilor

Asociația pentru Promovarea Eficienței Energetice în Clădiri (ROENEF) anunță lansarea „Caravanei ROENEF”, un proiect destinat promovării eficienței energetice în clădiri și creșterii gradului de informare, la nivelul populației, cu privire la beneficiile pe detalii

ING Bank a ajuns la 1,85 milioane clienti activi

Veniturile ING Bank România au ajuns la 1,79 miliarde de lei în primul semestru din 2024, în creștere cu 9,6% față de perioada similară a anului anterior, anunta banca intr-un comunicat, in care adauga: Creșterea numărului de clienți și a portofoliului de detalii

Patria Bank si-a majorat creditele cu 8%

Patria Bank, banca specializata in sprijinirea antreprenorilor romani, a anuntat un profit net de 18,1 milioane lei pentru primele sase luni ale anului 2024, in crestere cu 61% fata de nivelul inregistrat in primul semestru al anului 2023, conform unui comunicat al detalii