Ageas
Ageas Holding
The Ageas Holding emerged after the financial crisis of 2008 from the former Belgian-Dutch financial group Fortis group. The renaming of Fortis in Ageas took place on 30 April 2010.
After the restructuring of the former Fortis Holding in October 2008 is the new Ageas Holding in the following areas:
The Ageas Holding performs no more banking transactions. The end of 2008 they had issued fixed income securities of 43.6 billion euros.
The new Ageas Holding shares are traded on the Brussels Stock Exchange. The new Ageas Holding has the following major shareholders ( November 2012 ):
- 4.81% - Ping An Insurance
- 3.01% - Ageas SA / NV
- 3.00% - Franklin Mutual Advisers, LLC
Splitting of the former Fortis Holding
On September 28, 2008 it was announced that the governments of Belgium, Luxembourg and the Netherlands are responsible for 11 billion euros, large parts of the Group as a result of the financial crisis in 2007.
The remaining operating units of the former Fortis Holding ( Fortis Bank, Fortis Investments and Von Essen Bank) have been provisionally accepted by the Belgian State and for the time being operated on.
On 4 October 2008, the Dutch part of Fortis Group was ( ABN AMRO, Fortis ASR Nederland Bank Nederland Holding NV) taken over by the Netherlands for 16.8 billion euros to 100 percent. The insurance is now known as ASR Nederland and the banking sector is part of the newly formed ABN AMRO Bank NV.
Thus the Fortis group was geographically split along the Belgian-Dutch border in fact, two companies. This was necessary because the Dutch part was in contrast to the Belgian part of the bank hit hard by credit disposals.
After the Luxembourg government had taken a 49.9 percent stake in Fortis Banque Luxembourg, the banking division operates from 22 December 2008 BGL Société Anonyme. The insurance division operates under the name Fortis Assurance Luxembourg, but is part of the Ageas Insurance International Fortis Holding.
After a new plan for the destruction of the Fortis Holding has been decided on the night of March 6, 2009 between Belgium and BNP Paribas, also with Luxembourg BNP Paribas has a stake in the BGL SA agreed. The Luxembourg State will initially retain 34 % of the shares. After the completion of various transactions in France, Belgium and Luxembourg has become the BNP Paribas group's controlling shareholder of BGL after decisions at the Board meeting on 13 May 2009. They now controlled - directly and indirectly through Fortis Bank - 65.96 % of the capital of the bank. The Luxembourg government also has a stake of 34%.
After the Annual General Meetings of Fortis Holding on April 28th and 29th 2009, a new Board of Directors was elected. Bart De Smet ( 51) was established on 1 July 2009 as Managing Director (CEO) successor of Karel De Boeck. Chairman Jozef De Mey remained.
Settlement of Fortis financial products
After the split of Fortis branches in the autumn of 2008, the future for the Fortis financial products was open. The Fortis Bank Belgium, BNP Paribas, Fortis Holding and the Belgian State ( State Holding SFPI / FPIM ) have, therefore, on 12 March 2009 found a solution. Then to the Royal Park Investments (RPI ) SA / NV take over as special purpose entities the structured credit portfolio of Fortis Bank.
This financial products with a nominal value of 19.3 billion euros to be transferred to an estimated cost of 11.4 billion euros. This EUR 11.4 billion to be financed by 1.7 billion euros and 9.7 billion euros capital bonds.
Shareholders of Royal Park Investments (RPI ) SA / NV are:
- 44.70 % Ageas Holding
- 43.53 % Belgian state holding SFPI / FPIM
- 11.77 % BNP Paribas