Fortis Group (Euronext: FORA, Euronext: FORB, Luxembourg Stock Exchange: FOR) Is A Large Financial Services And Investment Management Company.
History
Ranked The 20th Largest Bank In The World By Turnover In 2007, But The Group's Dutch Business Was Nationalized Due To The Severe Cash Flow Shortage During The 2007-2008 Global Financial Crisis. Most Of The Business Was Later Sold In Batches.
The Benelux Countries Are The Base And Focus Of Fortis' Business, Including Retail Banking, Commercial Banking, Life Insurance, Property Insurance, Etc. Its Financial Products Are Sold By Independent Intermediaries, Financial Planners And Its Retail Banking Branches. Fortis Group Is Listed On Euronext Brussels, Euronext Amsterdam And The Luxembourg Stock Exchange.
The Current Fortis Name Will Continue To Be Used In Its Sold Business. BNP Paribas, Which Acquired The Fortis Business In Belgium, Will Continue To Use The Fortis Name In Belgium, But Will Operate Under A Different Name In The Netherlands. In October 2008, Due To The Impact Of The Financial Crisis, Fortis Group's Banking And Insurance Business In Belgium And Luxembourg Was Sold To BNP Paribas, Which Was Later Renamed BNP Paribas Fortis. The Dutch Banking Business Was Sold To The Dutch Government And Eventually Merged With ABN AMRO, While Fortis Group Only Has Fortis Insurance Business.
On October 6, 2008, BNP Paribas Acquired 75% Of Fortis Group's Business In Belgium And Luxembourg For 14.50 Billion Euros (19.80 Billion US Dollars), And Will Obtain The International Concession Rights Of Fortis, And Issue About 132.60 Million New Shares To Pay 9 Billion Euros, 5.50 Billion Euros In Cash. Fortis' Dual Operations Include 239 Billion Euros In Customer Deposits And More Than 1,000 Branches In Belgium. BNP Paribas Will Also Acquire Fortis' Retail Network In Poland, Turkey And France. The Transaction Does Not Include Fortis Group's Operations In The Netherlands.
On April 28, 2013, Credit Suisse And Private Offering Fund Lone Star Funds Paid 6.70 Billion Euros (approximately HK $67.80 Billion) To Acquire The Non-performing Asset Portfolio Of Fortis Bank.
On November 14, 2013, BNP Paribas Paid 3.25 Billion Euros (US $4.37 Billion) For The Belgian Government's 25% Stake In Its Local Consumer Banking Subsidiary, BNP Paribas Fortis, Making The Latter A Wholly Owned Subsidiary.
