Published: 11:55 26.09.2008 GMT+2 /HUGIN /Source: FORTIS /BXS: FORB /ISIN: BE0003801181
Fortis clarifies commercial and financial situation
In response to continued market rumours and questions, Fortis provides an update on its financial situation.
As at 30-6-2008, Fortis core capital stands at EUR 4 billion above its target.The future need for additional capital will actually only be in 12- 18 months as we start to fold in the largest part of the ABN AMRO business. In support of this and taking into account the current difficult market circumstances for issuing non-dilutive financial instruments, It has been decided to implement a wider range of activities of assets to be divested/sold.So far more than 10 files have been earmarked both in Bank and Insurance. These activities to be divested are located as well in- and outside Benelux. The total estimates are between EUR 5 and 10 billion. So far on every file concrete interest of potential buyers is indicated and confidentiality agreements have been signed. No capital increase is being envisaged.
§ Expected key dates are as follows:
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. We have a presence in over 50 countries and a dedicated, professional workforce of more than 65,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at www.fortis.com.
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