Fortis (finance)
Line
- Bart de Smet ( CEO)
- Jozef De Mey ( Chairman )
The Belgian-Dutch Fortis group with headquarters in Brussels (Belgium) and Utrecht ( Netherlands) was an international network of financial service providers that worked in the banking and insurance sectors. Fortis was the largest bank in Belgium and the second largest bank in the Netherlands.
The Bank was until October 2008 with a then current market value of around 42 billion euros and more than 85,000 employees of the 20 largest European financial institutions. In the wake of the financial crisis, Fortis was partially nationalized and divided into a Dutch and Belgian and Luxembourg part.
- 2.1 Financial Crisis
- 2.2 splitting
- 2.3 Belgium
- 2.4 Further Fortis company
Development
Creation of the holding
The result, the company is under the present name in 1990 from the merger of two Dutch companies: the insurance company NV AMEV and the VSB Bank. In the same year came the great Belgian insurance group AG Group. This was the first cross-border merger of financial houses in Europe. The Fortis Group is among the 10 largest insurance companies in Europe.
The Fortis Holding consists of the following two parent companies:
- Fortis SA / NV - Belgium
- Fortis NV - Netherlands
On March 9, 2010, the Company announced that henceforth to call himself Ageas.
Acquisitions since 1991
Acquisitions
Fortis has acquired 83 percent stake in Turkey's seventh largest private bank Disbank of Doğan Holding on 11 April 2005. On 4 October 2005, Fortis acquired by the company, Prudential Financial, the company Dryden Wealth Management. In 2007, Fortis involved in the then largest bank taking over the world: for 71.8 billion euros, the Group acquired jointly with the Royal Bank of Scotland and the Spanish bank Santander ( BSCH ), the Dutch bank ABN AMRO.
Activities in Germany
Over the 1998/99 adopted Belgian Generale Bank, headquartered in Cologne Fortis is active since 1920 in Germany. The Luxembourg subsidiary BGL opened in 2002 business customer offices in Trier and Saarbrücken.
Fortis is since November 2006 with Fortis Germany Versicherung AG also active in the German insurance market.
Following the acquisition of Von Essen GmbH & Co. KG Bank of the concept of "Credit - shops " has been implemented under the brand Credit4me since June 2006. On 1 May 2008, the Fortis Credit4me GmbH was renamed Fortis Finanz GmbH; the product range was expanded beyond pure financing beyond. On 14 January 2009 the company announced that the sales channel " Fortis Financial " is terminated with immediate effect and about 90 shops will be closed. By this measure, about 340 employees are affected.
The remaining Fortis operating units ( Fortis Bank, Fortis Investments and Von Essen Bank) have been provisionally accepted by the Belgian State and for the time being operated on.
Fortis splitting
Financial crisis
2007, the Fortis group took part in the world's biggest bank takeover ( ABN AMRO ), measured by the purchase price (71 billion euros ), which took place in October 2007. Due to the sub-prime crisis Fortis got difficulties to finance their share of EUR 24 billion for the ABN AMRO Benelux activities. After the funds planned for the acquisition funds were to acquire only through asset sales to the now strong defensive financial market, on 11 July 2008, the resignation of Fortis CEO Jean Votron. The market value of Fortis had until then divided into thirds over the state before the takeover and was lower than the price that was paid for the acquired activities of ABN AMRO. On September 23 2008 said successor Herman Verwilst that Fortis was not yet close to bankruptcy. After the share price crashed steep, CEO Verwilst resigned on 26 September 2008. His successor is Filip Dierckx.
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.
End of March 2009 it was announced that the Fortis Group had made a loss of about 22 billion euros in fiscal 2008.
Breakdown
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 trading as ASR Nederland and the banking sector is part of Fortis Bank Nederland (Holding ) 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 Ageas Insurance International of Ageas 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%.
Belgium
The French bank BNP Paribas has already announced on 6 October 2008, to take over the Belgian banking division of Fortis Bank Belgium SA. The Fortis Bank Belgium was renamed after the takeover by the French bank BNP Paribas on May 12, 2009 in BNP Paribas Fortis.
More Fortis company
The Fortis Holding performs no more banking transactions. The end of 2008 they had issued fixed income securities of EUR 43.6 billion.
Then there are the Fortis Bank Nederland and the insurance companies ASR Nederland and Amlin Corporate Insurance (formerly Fortis Corporate Insurance ) in the Netherlands.
From the discontinued banking activities during the year were 2008 losses of 29.4 billion euros. Of which will be allocated to Fortis Bank Belgium 20.8 billion euros. Sales of the Fortis group has slumped from 120 billion euro in 2007 to 14.6 billion euros in 2008. The Belgian government is only willing to risk a screen for risky securities of Fortis, when a takeover of Fortis Bank Belgium is not stopped by the shareholders.
Sponsoring
Furthermore, the company is active as a sponsor and at numerous clubs and occurs among other things, at Feyenoord Rotterdam in appearance, where the company logo is displayed on the player jerseys. Already in the 2003/04 season, the club decided on the following season to engage the banking business as the main sponsor, the Bank first appeared as the main sponsor in appearance for season 2004 /05. At this time they found the big Fortis logo, among others, as flocking to the front of the jerseys. In addition, the company was at that time already sponsor of clubs such as RSC Anderlecht, Spirou Charleroi BC or Noliko Maaseik. With Feyenoord the Financial Services signed a three-year contract with an option for two more years and came here as a sponsor of the Amateur Sports Division club Feyenoord in appearance.