Business News
Benelux nationalizes Fortis (Roundup)
Sep 28, 2008, 22:38 GMT
Amsterdam - The Netherlands, Belgium and Luxembourg are to take over substantial parts of Belgian-Dutch banking and insurance company Fortis, it was reported following two days of meetings between Benelux officials and Fortis management in Brussels.
The Dutch government will take over 49 per cent of the insurance company, for which it will pay some 4 billion euro. The Dutch banking division ABN Amro is to be sold.
The Belgians will take over 49 per cent of the banking division, paying some 4.7 billion euros.
Luxembourg will take over 49 per cent of all divisions located on its territory, paying some 2.5 billion euros.
Dutch Finance Minister Wouter Bos said following the meeting that Fortis remains a credible bank.
'We feel obligated to keep a bank like Fortis going in difficult times like these,' he said.
