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Fortis (Euronext: FORA, Euronext: FORB, LuxSE: FOR) is a banking, insurance, and investment management company, and is the 20th largest business in the world by revenue.[1] The Benelux countries are Fortis' home base and its strength. Fortis' banking operations include network (retail), commercial, and merchant banking; its insurance products include life, health, and property/casualty lines. Products are sold through independent agents and brokers, financial planners, and through Fortis Bank branches. It is listed on the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges.
In addition to acquiring a retail bank in Poland, Fortis acquired 89.3% of the shares of Turkey's fifth largest privately owned bank Dışbank from Doğan Group on 11 April 2005. Considering the outstanding public shares, the total bid is approximately €985 million. From 28 November 2005 on, the network of 173 branches of Dışbank was rebranded Fortis.
As of 2006 its profits were €4.56 billion according to Forbes magazine with a market value of €45.74 billion.
Fortis acquired Dryden Wealth Management from Prudential Financial on 4 October 2005.
Fortis Insurance UK has its own in-house worldwide medical emergency service, Assistance International. Fortis is the shirt sponsor of the R.S.C. Anderlecht and Feyenoord Rotterdam football clubs. Fortis is also the main sponsor of the Turkish Football Cup and the Luxembourg National Division.
[edit] Acquisitions
- MeesPierson N.V. was acquired in 1996 from ABN AMRO, giving Fortis an instant presence in investment banking
- Algemene Spaar- en Lijfrentekas / Caisse Générale d'Epargne et de Retraite (ASLK/CGER) acquired in 1999 by Fortis
- Générale de Banque / General Bank (Generale Bank/Générale de Banque) was acquired in 1999 by Fortis
- Krediet aan de Nijverheid / Crédit à l'Industrie, (now called Fintro)
- Pacific Century Insurance Holdings was acquired in 2007, now called Fortis Insurance Company (Asia) Limited
- On October 8 2007 a consortium of three European banks, Royal Bank of Scotland Group, Fortis and Banco Santander, announced the acquisition of ABN AMRO.
- In October 2006 Fortis signed a joint venture with An Post (Irish postal service) to provide financial related services through the An Post network of offices.
[edit] See also
[edit] External links
[edit] References
- ^ Fortune Global 500 2007: Fortis
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