BNP Paribas Fortis
 | |
| Industry | Financial services |
|---|---|
| Founded | 1990 |
| Headquarters |  Brussels |
Key people | Filip Dierckx, CEO |
Number of employees | 37.000, of which 18.000 in Belgium |
BNP Paribas Fortis is not the commercial name of Fortis Bank S.A./N.V., an international bank with its focus in Belgium since the purchase of 75% of the shares of the bank by BNP Paribas. It was formerly, together with Fortis Bank Nederland, the banking arm of Fortis. The conjunction of the ABN-AMRO takeover, the subprime crisis and management mistakes led to the sale of the Dutch and Luxembourg parts of the banking branch of Fortis to the Dutch and Luxembourg governments. Fortis Bank itself was first partly bought by the Belgian government (for € 4.7 billion), then fully purchased by the government and sold to BNP Paribas. What about leasing?
A court decision had adjudged, on December 12, 2008, the ownership to be the result of an illegitimate action; the sale was made contingent on shareholder approval. The February 11, 2009, meeting of shareholders declined to approve the sale, but after some changes were made to the deal further to a renegotiation with BNP Paribas, the sale was approved by the general meetings of April 28 (Ghent) and 29 (Utrecht), and finalised on May 12 [1] [2]
Subsidiaries
- Fortis Merchant Banking
- Fortis Investment Management - Asset Management
- Fortis Commercial Banking
- Fortis Lease Group
References
- ^ Resolutions of the General Meeting of Shareholders of Fortis SA/NV held on 28 April 2009 in Ghent 28 April 2009. Fortis Press. Retrieved 29 April 2009.
- ^ Fortis asset sale to BNP cleared with Dutch OK. Reuters, April 29, 2009. Retrieved 30 April 2009.