Financial services company Fortis (FTZBF.PK) has reportedly received a EUR 11.2 billion, or US$16.3 billion, rescue option from Belgium, the Netherlands and Luxembourg to save the bank from the recent financial crisis.
Under the bailout plan, Belgium would invest EUR 4.7 billion to acquire 49% ownership in Fortis' Belgian banking unit, the Netherlands would invest EUR 4.0 billion to acquire a considerable stake in the Dutch banking business and Luxembourg would invest about EUR 2.5 billion for a loan convertible into a 49% share of Fortis' Luxembourg division.
Fortis would also sell its stake in ABN Amro Bank, which was acquired last year. Fortis, based in Brussels and Amsterdam, last year paid about EUR 24 billion for ABN Amro's Dutch banking and money-management units as part of the 72 billion euro takeover of the company with Royal Bank of Scotland Group Plc and Banco Santander SA.
In June 2008, Fortis announced its intention to sell a stake in a Chinese fund manager that accompanied the purchase. Fortis has planned to dispose its non-core assets after the ABN Amro acquisition weakened its finances, and forced to sell its interest to preserve its five-year partnership with Haitong Securities Co.
On September 26, 2008, Fortis said that its Board of Directors has decided unanimously to nominate Filip Dierckx to succeed Herman Verwilst as the company's chief executive officer. In July 2008, the company's former CEO Jean Votron stepped down after the ABN Amro deal had depleted Fortis' capital.
Shares of FTZBF.PK last traded on September 5 at $12.93.
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