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Fortis Group

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Fortis SA/NV / Fortis N.V.
Company typePublic (Euronext AMS: FORA, Euronext BRU: FORB, LuxSE: FOR)
IndustryFinancial services
Founded1990
HeadquartersBrussels, Belgium and Utrecht, the Netherlands
Key people
Herman Verwilst (CEO since 11 July 2008)
ProductsCommercial bank
Investment bank
Insurance
RevenueIncrease €6.047 billion (2007)
Increase €2.467 billion (2007)
Increase €4.074 billion (2007)
Number of employees
56,866 (2006)
Websitewww.fortis.com

Fortis (Euronext: FORA, Euronext: FORB, LuxSE: FOR) is a banking, insurance, and investment management company, and is the 20th largest business in the world by revenue.[1] The Benelux countries are Fortis' home base and its strength. Fortis' banking operations include network (retail), commercial, and merchant banking; its insurance products include life, health, and property/casualty lines. Products are sold through independent agents and brokers, financial planners, and through Fortis Bank branches. It is listed on the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges.

In addition to acquiring a retail bank in Poland, Fortis acquired 89.3% of the shares of Turkey's fifth largest privately owned bank Dışbank from Doğan Group on 11 April 2005. Considering the outstanding public shares, the total bid is approximately €985 million. From 28 November 2005 on, the network of 173 branches of Dışbank was rebranded Fortis.

As of 2006 its profits were €4.56 billion according to Forbes magazine with a market value of €45.74 billion.

Fortis acquired Dryden Wealth Management from Prudential Financial on 4 October 2005.

Fortis Insurance UK has its own in-house worldwide medical emergency service, Assistance International. Fortis is the shirt sponsor of the R.S.C. Anderlecht and Feyenoord Rotterdam football clubs. Fortis is also the main sponsor of the Turkish Football Cup and the Luxembourg National Division.

Fortis was part of the consortium with Royal Bank of Scotland Group (RBS) and Banco Santander, that announced on October 8, 2007, that an offer for 86% of outstanding ABN AMRO stock had been accepted, making way for the largest ever bank takeover in history.[1] On November 1 2007, an extraordinary shareholder meeting was held to change ABN AMRO's management. Mark Fisher from RBS took over as CEO. At that meeting the consortium stated that 97% of all shares were in their hands.

Fortis will use the ABN AMRO brand name for Fortis's retail banking operations in the Netherlands.

On July 11, 2008, the CEO of Fortis, Jean Votron, stepped down after the ABN Amro deal had depleted Fortis' capital. The total value of Fortis, as reflected by its stock value, was at that time a third of what it had been before the acquisition, and just under the value it had paid for ABN Amro's Benelux activities alone.[2]

Acquisitions

See also

References

  1. ^ Fortune Global 500 2007: Fortis
  2. ^ Fortis chief executive out; chairman now faces shareholder anger - International Herald Tribune
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