26/06/2009 Statement Fortis holding on decision summary proceedings Fortis Capital Company Limited A judge in an Amsterdam court has given his decision regarding the summary proceedings between Fortis on the one hand and Fortis Capital Company Ltd (FCC) and Fortis Bank Nederland Holding (FBN(H)) on the other. Fortis is obliged to make payment but will immediately initiate proceedings on the merits of the case. Fortis has been awarded a guarantee or third-party seizure in relation to its compensation claim.
26/06/2009 Fortis granted double guarantee in summary proceedings with Fortis Capital Company Ltd. The judge sitting in summary proceedings in Amsterdam ruled on Friday 26 June 2009 that Fortis holding will receive a double guarantee from Fortis Capital Company (FCC) and Fortis Bank Nederland (Holding) – FBN(H) – as security for its compensation claim against Fortis Capital Company (FCC).
25/06/2009 Fortis holding and Barclays Global Investors UK Holdings Ltd – Notification In accordance with the rules on financial transparency, Barclays Global Investors UK Holdings Ltd sent a notification on 18 June 2009 (acknowledged by Fortis holding on 22 June 2009) that its interest has exceeded the statutory threshold of 3% of the shares issued by Fortis.
25/06/2009 Tesco and Fortis create new insurance partnership Tesco Personal Finance (TPF) and Fortis UK today announced that they are in exclusive discussions to form a new partnership to provide motor and household insurance.
18/06/2009 Fortis holding statement in respect of preference shares issued by Fortis Capital Company Limited in 1999 Fortis holding is challenging in court its alleged obligation to pay an amount of EUR 362.5 million to FCC in relation to the redemption of Class A1 Preference Shares on 29 June 2009. In order to protect the interests of the Holders, it is simultaneously requesting that the court orders FCC to pay an amount of EUR 362.5 million to the Holders on 29 June 2009.
15/06/2009 Fortis announces the appointment of a new Chief Executive Officer Bart De Smet to lead the company to a new era as an international insurance company
The Board of Fortis today announces the decision to appoint Bart De Smet as Chief Executive. This appointment is subject to the approval of the Banking, Finance and Insurance Commission (CBFA). Bart De Smet will take over from Karel De Boeck with effect from July 1st, 2009. Karel De Boeck, Fortis CEO from December 2008, will leave the Group and resign from the Board.
10/06/2009 Fortis holding and UBS AG – Notice In accordance with the transparency rules, Fortis holding gives notice that the number of Fortis shares held by UBS AG exceeds the official threshold of 3%.
27/05/2009 Declaration by the Board of Fortis N.V. and Fortis SA/NV regarding payment of dividends with respect to the 2009 financial year On 15 March 2009, the Board of Fortis N.V. and Fortis SA/NV (“the Parent Companies”) confirmed that no dividend would be proposed for the 2008 financial year. As a result, upcoming coupon payments on the outstanding FRESH and CASHES become payable by issuing Fortis shares through the Alternative Coupon Satisfaction Method as mandated under the terms and conditions of the FRESH and CASHES, until such time as the Parent Companies publicly announce their intention to resume payment of a dividend.
25/05/2009 Fortis Insurance Belgium changes into AG Insurance On 22 June Fortis Insurance Belgium will change its name. With the new name,
AG Insurance, the country’s number one insurer intends to take a fresh start and to
build a bridge between past and future.
13/05/2009 Transactions agreed between Fortis holding, the Belgian State, Fortis Bank and BNP Paribas have closed On 12 May, Fortis holding, the Belgian State acting through Société Fédérale de Participations et d’Investissement/Federale Participatie- en Investeringsmaatschappij SA/NV (SFPI/FPIM), Fortis Bank and BNP Paribas closed the transactions announced by Fortis holding on 7 March 2009. This follows the vote in favour of the transactions at the General Meetings of Shareholders of Fortis SA/NV and Fortis N.V. on 28 and 29 April 2009.
12/05/2009 Announcement Fortis holding The transactions agreed between Fortis holding, the Belgian State, Fortis Bank and BNP Paribas have been closed today, Tuesday May 12. Fortis holding will issue a press release with the key elements of these transactions on May 13 before opening of the stock markets.
08/05/2009 Fortis holding announces strengthened Corporate Governance model and composition of Board Committees At the General Meetings of Shareholders of Fortis SA/NV and Fortis N.V. on 28 and 29 April 2009 shareholders voted for the election of five new members of the Board of Directors, including Frank Arts, Chevalier Guy de Selliers de Moranville, Roel Nieuwdorp, Lionel Perl and Jin Shaoliang.
Today the Board of Directors is pleased to announce the appointment of Chevalier Guy de Selliers de Moranville as Vice-Chairman of Fortis. At the same time Fortis has announced the composition of three Board committees.
29/04/2009 Resolutions of the General Meetings of Shareholders of Fortis held on 28 and 29 April 2009 The General Meetings of Shareholders of Fortis SA/NV and Fortis N.V. have voted in favour of the transactions with the Belgian State and BNP Paribas. This means BNP Paribas will acquire 75% of Fortis Bank SA/NV and 25% of Fortis Insurance Belgium will be sold to Fortis Bank SA/NV.
28/04/2009 Resolutions of the General Meeting of Shareholders of Fortis SA/NV held on 28 April 2009 in Ghent The General Meeting of Shareholders of Fortis SA/NV has today voted in favour of the transactions with the Belgian State and BNP Paribas with a majority of 72,99%. Subject to a positive vote at the General Meeting of Shareholders of Fortis N.V. in Utrecht on April 29, BNP Paribas will acquire 75% of Fortis Bank SA/NV, and 25% of Fortis Insurance Belgium will be sold to Fortis Bank SA/NV.
17/04/2009 General Meetings of Shareholders We draw your attention to the fact that you will need to REPEAT* the formalities which you completed for participation or representation in the General Meetings of 8 and 9 april 2009 for the General meetings of 28 and 29 April 2009. These formalities need to be completed by TUESDAY 21 APRIL 2009 at 7 PM AT THE LATEST.
10/04/2009 Fortis holding statement on ruling by Court of Appeal of Brussels Fortis holding welcomes the ruling by the Court of Appeal of Brussels today. This ruling means that all Fortis shareholders are entitled to vote on the project with BNP Paribas at the Shareholders’ meetings to be held on 28 and 29 April 2009.
The Agenda’s of these General Meetings as published on April 4 will therefore not be changed.
09/04/2009 Fortis Annual Report 2008 Fortis has today published the electronic version of its Annual Report 2008.
The PDF version is available on www.fortis.com.
01/04/2009 Fortis holding changes agendas of General Meetings of Shareholders on 8 and 9 April, and on 28 and 29 April 2009 The Board of Directors of Fortis SA/NV and Fortis N.V. has today decided, after consultation and in agreement with BNP Paribas and the Belgian State, not to submit the project with BNP Paribas for the approval of shareholders in Utrecht on 8 April and in Brussels on 9 April. This will instead be put to the vote at the Ordinary General Meeting of Shareholders on 28 April (Fortis SA/NV) and the Annual General Meeting of Shareholders on 29 April (Fortis N.V.)
31/03/2009 Results full year 2008 Full year net profit of operating insurance activities EUR 6 million, including EUR 639 million negative impact of investment portfolio
Net result for 2008 EUR 28.0 billion negative, including EUR 27.4 billion loss on discontinued operations and EUR 0.6 billion loss of General
26/03/2009 Netherlands Annual Results 2008 Fortis Bank Nederland - Net operating profit: EUR 604 million All businesses – Retail Banking, Private Banking and Merchant Banking – made a positive
underlying contribution to net operating profit. The net result was EUR 18.5 billion negative,
mainly as a result of the loss of the transfer of the stake in RFS Holdings B.V. In addition, a
provision of approximately EUR 0.9 billion was created in relation to the Madoff affair.
24/03/2009 Notification Ping An – Fortis SA/NV New transparency legislation was introduced in 2008, requiring disclosure by Fortis of notifications to Belgian regulator CBFA (Banking, Finance and Insurance Commission) and to Fortis as prescribed.
24/03/2009 Fortis Bank and Fintro adjust the interest rates on their savings products In response to the steady fall in short-term interest rates, the recent cut in the ECB’s official rate and the new savings legislation due to come into effect on 1 April 2009, Fortis Bank and Fintro have decided to adjust the interest rates applying to their savings accounts.
15/03/2009 Fortis holding pays no dividend for the 2008 financial year The net assets of Fortis SA/NV* have fallen to less than 50% of the registered capital, as a consequence of the problems in the financial markets and the sale of the banking activities and the Dutch insurance activities. This situation was submitted to the Extraordinary General Meeting of Fortis SA/NV on 19 December 2008. The proposal to continue the activities was approved by a 96.98% majority.
12/03/2009 Fortis holding convenes General Meetings of Shareholders Fortis convenes General Meetings of Shareholders to be held in Utrecht on 8 April and in Brussels on 9 April.
These General Meetings of Shareholders will give shareholders the opportunity to express their views on the new agreement that Fortis holding, BNP Paribas and the Belgian State concluded on 6 March.
07/03/2009 Fortis Bank welcomes new deal with BNP Paribas Fortis Bank acknowledges the efforts made by BNP Paribas, the Belgian government and Fortis holding to come to a new deal, confirming BNP Paribas as the future majority owner of Fortis Bank, alongside the Belgian state , and the Luxembourg State in our affiliate BGL.
07/03/2009 Fortis holding, BNP Paribas and the Belgian State reach new agreement On 6 March 2009, Fortis holding, BNP Paribas and the SFPI/FPIM reached an agreement on the revised terms of the transaction. The proposed new agreement will be subject to the approval of shareholders at the forthcoming shareholders’ meetings of Fortis SA/NV in Brussels and Fortis N.V. in Utrecht in April 2009.
05/03/2009 Fortis Bank – additional information on 2008 results Awaiting the full publication of the annual results and in response to some media reports published today, Fortis Bank provides the following information, additional to its 22 January 2009 trading update.
27/02/2009 Fortis holding statement Fortis holding, the Belgian State and BNP Paribas
have agreed to extend the October Protocole d’Accord due to expire on 28 February until 6 March in view of the continued discussions between the parties.
26/02/2009 Fortis holding cancels General Meeting of Shareholders of Fortis N.V. on 6 March 2009 Fortis holding has cancelled the General Meeting of Shareholders of Fortis N.V. scheduled for 6 March in Utrecht. The proposed amendment to the articles of association that was placed on the agenda of that Meeting will be voted on during the Annual General Meeting of Shareholders of Fortis N.V. scheduled for 29 April in Utrecht.
23/02/2009 Fortis holding to discontinue Stichting Continuïteit Fortis Fortis holding has decided to discontinue and liquidate Stichting Continuïteit Fortis. Due to the recent developments and the significant changes in the organization of the Fortis Group, it is no longer in the interest of Fortis to keep the Stichting in place.
18/02/2009 Fortis publishes document for General Meeting of Shareholders Fortis N.V. Today, Fortis publishes the Explanatory note to the Agenda of the General Meeting of Shareholders of Fortis N.V. to be held in Utrecht on 6 March.
This document is available on www.fortis.com/Shareholders/shareholdersmeeting.asp.
13/02/2009 Composition of the Fortis holding Board of Directors The General Meeting of Shareholders of Fortis N.V. has today approved the appointment of Mr Jozef De Mey, Mr Georges Ugeux and Mr Jan Zegering Hadders as non-executive members of the Board of Directors until the end of the Annual General Meeting in 2011.
13/02/2009 Fortis Bank ‘A’ rating confirmed The rating agencies have today independently commented on their ratings for Fortis Bank.
11/02/2009 Resolutions of the General Meeting of Shareholders of Fortis SA/NV held on 11 February 2009 The General Meeting of Shareholders of Fortis SA/NV, in accordance with the ruling of the Brussels Court of Appeal on 12 December 2008, has today (in Brussels) voted on the decisions of the Board of Directors on 3, 5 and 6 October 2008 and the agreements concluded in implementation of those decisions, concerning the sale of parts of the group to the Dutch and Belgian States and to BNP Paribas.
11/02/2009 Fortis Bank: Decisions of Fortis holding shareholders are unlikely to impact customers Fortis Bank has taken note of the decisions of the Extraordinary General Meeting of Shareholders of Fortis holding. The Board of Directors of Fortis Bank will now evaluate the outcome of the voting and its implications for the plans that have been drawn up. Based on this evaluation, and in close consultation with the different parties involved, Fortis Bank will prepare a formal reaction in due course.
05/02/2009 Fortis publishes explanatory document on voting at General Meeting The General Meeting of Shareholders of Fortis SA/NV to be held in Brussels on 11 February 2009 will be asked to vote on the three transactions, entered into in implementation of the decisions taken by the Fortis Board of Directors on 3, 5 and 6 October 2008.
02/02/2009 Fortis Bank statement on new agreement Fortis Bank has taken note of the announcement of a new agreement between the Belgian government, Fortis holding and BNP Paribas.
01/02/2009 Fortis holding announcement Fortis holding announces that Mr Louis CHEUNG Chi Yan, member of the Fortis Board of Directors has resigned from the Board with immediate effect.
31/01/2009 Fortis holding publishes addendum to shareholder circular As announced in its press release of 30 January 2009, Fortis holding would publish an addendum to the shareholder circular made available in view of the 11 February 2009 General Meeting of Shareholders of Fortis SA/NV. This addendum has been made available on www.fortis.com today. The addendum reflects the details of the improvements to the transactions concluded in October 2008 that Fortis, the Belgian State and BNP Paribas have agreed on. It also gives an insight in the estimated impact on Fortis’ pro forma financial position as well as the implications on the agenda of the General Meeting of Shareholders of Fortis SA/NV on 11 February 2009.
30/01/2009 Fortis publishes shareholder circular Today, the shareholder circular has been made available on www.fortis.com. The purpose of this document is to provide to the shareholders of Fortis SA/NV further details on the agreements entered into by Fortis SA/NV and certain of its subsidiaries in implementation of the decisions of the Board of Directors of Fortis SA/NV of 3, 5 and 6 October 2008. The shareholder circular should enable the shareholders to vote in an informed manner on the proposed resolutions submitted for approval to the shareholders’ meeting of Fortis SA/NV on 11 February 2009 following the ruling of the Court of Appeal of Brussels on 12 December 2008.
27/01/2009 Fortis publishes document for General Meeting of Shareholders Today, Fortis publishes the interim report from the Committee of Experts on its website for the purpose of its General Meeting of Shareholders to be held in Brussels on 11 February.
This interim report is available on www.fortis.com.
27/01/2009 Fortis responds to interim report of committee of experts The Fortis holding company notes the ‘Interim report of the committee of experts’, which was published today and which will be submitted to the General Meeting of Shareholders of Fortis SA/NV in Brussels on 11 February 2009.
27/01/2009 Fortis Bank Board of Directors changes composition The Board of Directors of Fortis Bank has today changed its composition so as to reflect its new ownership structure and strengthen its governance. Effective immediately, following directors representing the Belgian State have been appointed by cooptation: Emiel Van Broekhoven (Chairman), Wim Coumans, Jean-Paul Pruvot, and Serge Wibaut. Following directors appointed by the previous shareholder have resigned: Herman Verwilst, Jos Clijsters, Jozef De Mey, Alain Deschênes, Jean Meyer and Peer van Harten.
22/01/2009 Fortis Bank provides financial update •Underlying net profit for Fortis Bank of EUR 1.2 billion after 9 months 2008
•9 months net loss of EUR 14.1 billion after extraordinary items, of which EUR 12.5 billion due to the divestment of ABN AMRO and the transactions described above
•Liquidity position improved
•Tier 1 solvency is expected to be around 10% at year-end 2008
16/01/2009 Fortis (holding) publishes agendas for General Shareholders’ Meetings As of today, Friday 16 January, the agendas for the General Shareholders’ Meetings are available on the website www.fortis.com under Investor Relations/Shareholders’ Meetings. Publication in a number of daily newspapers in the Netherlands and Belgium will follow on Saturday, 17 January.
As announced earlier, the General Meetings are to be held in Brussels on 11 February and in Utrecht on 13 February. For the purpose of these General Meetings, the following documents will be published on the website in due course:
• Explanatory note to the agendas
• Shareholder circular
• Interim report from the Committee of Experts
15/01/2009 Netherlands Fortis MeesPierson becomes MeesPierson The private banking activities of Fortis Bank Nederland will operate officially under the name MeesPierson as from 15 January 2009.
14/01/2009 Financial Calendar 2009 As a result of the changes that have taken place at Fortis, publication dates in 2009 have been rescheduled, as have the dates of the General Shareholders’ Meetings
14/01/2009 Fortis Consumer Finance Deutschland ceases distribution operations of its 90 Fortis Finanz shops Fortis Bank has announced that effective today Fortis Consumer Finance Deutschland will terminate all business activities of Fortis Finanz (formerly Credit4Me) in Germany. This affects the shops, internet and the contact centre. Starting in 2006 Fortis Finanz established a network of 90 finance shops across Germany, offering loans, insurance and deposit products from various financial product providers.
29/12/2008 Netherlands Fortis Bank Nederland transfers shares in ABN AMRO holding company to Dutch State The State of the Netherlands and Fortis Bank Nederland signed an agreement on 24 December 2008 under which the State has directly acquired shares in RFS Holdings B.V., the company that holds all shares in ABN AMRO. The transaction concerns shares previously held by Fortis Bank Nederland (Holding) N.V. (FBNH). The shares were formally transferred to the State on 24 December 2008.
24/12/2008 Fortis (holding) reports EUR 295 million of currency losses following suspension of transactions In preparation of the contemplated closing of the transactions with the Belgian government and BNP Paribas announced on 6 October, Fortis acquired US dollars and pounds sterling on 8 December. These currency transactions were entered into in order to enable Fortis to provide its portion of the funding of the envisaged structured credit portfolio entity, Royal Park Investments, in the currency of the assets of the portfolio.
19/12/2008 Decisions of the Extraordinary General Meeting of Shareholders held on 19 December 2008 The Shareholders’ Meeting of Fortis SA/NV has decided to vote on the proposal to continue the activities of the company in accordance with article 633 of the Companies Code. The proposal to continue the activities was approved with a 96.98% majority.
17/12/2008 Press release Fortis holding - Update on financial position following the ruling by the Court of Appeal of Brussels On 14 November 2008, Fortis published an Interim Management Statement reflecting the pro forma financial position of Fortis at the end of September after completion of all the transactions announced early October. On 12 December, the Court of Appeal of Brussels suspended the decisions taken by the Board of Directors of Fortis on 3, 5 and 6 October and hence the execution of some of these transactions. This necessitated a new update on the financial position of Fortis. This update is entirely dependent on whether or not the ruling will be successfully challenged.
08/12/2008 Fortis Finance bondholders can opt for early redemption Further to information provided in the context of the general shareholders meeting held in Brussels on 2 December, Fortis wishes to clarify the position of holders of bonds issued by Fortis Finance N.V. under its Euro Medium Term Note Program.
27/11/2008 Herman Verwilst to step down from Fortis Board of Directors Fortis announces that Herman Verwilst will step down as a member of the Executive Committee and as executive member of the Board of Directors after the General Meeting of Shareholders of Fortis SA/NV on 2 December. His career with Fortis has spanned 15 years.
24/11/2008 Statement by Fortis holding on the ruling of the Enterprise Chamber The Fortis holding notes the ruling of the Enterprise Chamber on the petition of the Dutch Investors’ Association (VEB) to instigate an inquiry into the policy and the course of events at Fortis N.V. and to impose certain immediate court orders.
19/11/2008 Fortis publishes the shareholder circular in preparation of the upcoming General Meetings of Shareholders Fortis published this morning the shareholder circular in preparation of the upcoming General Meetings of Shareholders of 1 December (in Utrecht for Fortis N.V.) and on 2 December (in Brussels for Fortis SA/NV). The document complements the set of documents at the disposal of shareholders for the General Meetings.
19/11/2008 Fortis holding and Fortis Bank – notice In accordance with the new transparency rules, Fortis holding gives notice that the number of Fortis holding shares held by Fortis Bank exceeds the official threshold of 3%.
18/11/2008 Statement on Belgian court ruling Fortis Bank and Fortis Insurance Belgium take note of the ruling by the judge in summary proceedings.
14/11/2008 Interim management statement The following information constitutes regulated information as defined in the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments that have been admitted to trading on a regulated market.
13/11/2008 Fortis advances publication trading update to 14 November Fortis decided to align the publication dates of the special Board report for the Shareholders’ Meeting of Fortis SA/NV and the trading update by publishing both documents on Friday 14 November. As a consequence it brings forward the publication of the Fortis’trading update which was previously announced for 19 November.
05/11/2008 Fortis puts new Board of Directors on the agenda of General Shareholders’ Meetings Fortis will hold General Shareholders’ Meetings in Utrecht (Fortis N.V.) on 1 December and in Brussels (Fortis SA/NV) on 2 December. The agenda includes the composition of the Board of Directors. A review and account of Fortis’s business situation will also be given, in particular the decisions that were taken between 28 September and 10 October 2008. And – in Belgium only and in accordance with the Belgian Company Code, section 633 – a resolution needs to be adopted on the continuation of activities.
05/11/2008 Notification Ping An – Fortis SA/NV New transparency legislation was introduced recently, requiring disclosure by Fortis
of notifications to Belgian regulator CBFA (Banking, Finance and Insurance
Commission) and to Fortis as prescribed.
05/11/2008 AllianceBernstein - subsequent notice AllianceBernstein announced on 31 October that it had reduced its acquired stake in
Fortis SA/SA from 3.71% to 2.87%, bringing this stake to below the 3% threshold.
31/10/2008 Fortis to organise General Shareholders’ Meetings Fortis announces that General Shareholders’ Meetings will take place on 1 December 2008 (for Fortis NV in Utrecht) and 2 December 2008 (for Fortis SA/NV in Brussels). A shareholders’ circular will be made publicly available prior to the meetings.
31/10/2008 Fortis - Changes to the senior management Fortis announces that Messrs. Camille Fohl and Lex Kloosterman will step down from the Executive Committee as per 31/10/2008. The Board thanks them for their valuable contribution.
Mr. Kloosterman will pursue his career outside the company.
Mr Camille Fohl will remain member of the Executive Board of Directors of Fortis Bank.
31/10/2008 Fortis Third quarter financial statements As indicated on 14 October 2008, Fortis will not publish its interim financial statements on the third quarter, (originally foreseen for 3 November). Fortis will provide an intermediate update on 19 November.
29/10/2008 Fortis statement Fortis would like to respond to the article published in Le Soir on 29 October 2008 on how Fortis communicated on its sub-prime exposure in September 2007.
28/10/2008 Information in compliance with new transparency legislation New transparency rules came into effect recently. In accordance with the new legislation, disclosures, as required by Fortis, have been made to Belgian regulator CBFA (Banking Finance and Insurance Commission) and to Fortis.
22/10/2008 AllianceBernstein - first notification New transparency legislation was introduced recently, requiring notifications made by investors to the Belgian regulator (CBFA – Banking, Finance and Insurance Commission) and to Fortis to be disclosed by Fortis as required.
In this respect, Fortis announces that on 17 October, AllianceBernstein has notified having an interest in Fortis SA/NV of 3.71%, exceeding the threshold of 3%.
14/10/2008 Information on the new structure of Fortis SA/NV and Fortis N.V. This announcement relates to Fortis SA/NV and Fortis N.V. (Fortis), listed on Euronext. After the closing of the announced transactions, it will no longer include the Banking and Insurance activities that have been acquired by the Dutch and Belgian States and of which the non-Dutch activities will be acquired by BNP Paribas subsequently. As a result of these steps, Fortis has undergone a complete metamorphosis. Fortis always operated as an integrated financial services company. Its financing policy was based on optimization from a Group-consolidated point of view, whilst of course respecting the regulatory requirements for the underlying entities. This has resulted in an inter-related, complex financing and reporting structure. Unravelling this is a task that cannot be done in a few days with reasonable assurance about the outcome. Particularly, risks are associated with the still unknown effects of third quarter developments on the balance sheet and income statement of Fortis in its new constellation. Nevertheless, Fortis wishes to provide information to the market to the best of its ability. The figures in this press release are non-audited pro-forma figures representing the expected impact of the recent transactions on Fortis using the last published accounts (half year 2008 results) as a basis. Third quarter result contribution or balance sheet movements are not taken into account, except when explicitly mentioned. In view of the far-reaching effects of the recent transactions, Fortis will seek to be exempted from publication of its third quarter results (originally foreseen for 3 November 2008). Fortis will publish full disclosure on the starting position of Fortis in its new constellation as soon as this can be provided. Pending this, all figures are indicative estimates and should be treated accordingly.
06/10/2008 Fortis confirms sale of Banking and Belgian Insurance activities Fortis announces that the Belgian government has acquired the remaining share (50% + one share) of Fortis Bank SA/NV. The Belgian government has reached an agreement with BNP Paribas on the subsequent transfer of a majority interest in Fortis Bank SA/NV. Furthermore, Fortis announces that BNP Paribas will acquire 100% of Fortis Insurance Belgium. Last night, the Fortis Board of Directors has approved these transactions.
30/09/2008 Fortis update regarding Artemis Asset Management Fortis has increased its equity interest in Artemis Asset Management Limited (“Artemis”), a UK based investment management firm, from 67.1% to a sole shareholding position. ABN AMRO Asset Management had held a majority interest in Artemis since 2002, which was transferred to Fortis in April 2008. The step-up investment was pursuant to a prior contractual arrangement with Artemis management shareholders. The cash consideration was EUR 397.2 million (GBP 317.2 million).
30/09/2008 Fortis statement on DNB decision for EC Remedies sale Fortis has been informed by De Nederlandsche Bank (DNB), the Dutch central bank, that the decision for approval of the sale of several ABN AMRO assets to Deutsche Bank will not be made until further notice, following further review. DNB referred to the exceptional circumstances on international financial markets, the uncertainty with regard to the future shareholder in ABN AMRO Bank and the implications of this uncertainty for all parties involved.
30/09/2008 Fortis statement on Fortis Ping An asset management partnership In order to provide clarity to the market and in the context of the current severe market disruption and the ongoing uncertainty in the global capital markets, Fortis announces that it expects not to be able to complete the asset management partnership with Ping An.
26/09/2008 Fortis nominates Filip Dierckx as new CEO Today, the Fortis Board of Directors has decided unanimously to nominate Filip Dierckx as the new CEO of Fortis, succeeding Herman Verwilst. He will formally be appointed CEO after approval by a general shareholder meeting to be announced in due course. As of today and up until this time, Filip has been granted full CEO authority.
26/09/2008 Fortis clarifies commercial and financial situation In response to continued market rumours and questions, Fortis provides an update on its financial situation.
• Fortis customer deposit flows: Above all we underline the solid position of the bank. In a challenging environment of market turmoil, of negative coverage on Fortis triggering many questions from our customers, of very sharp competitive environment, customer moves have remained limited. Compared to January 1st 2008, these moves represent less than 3% of its total Benelux retail and private banking customers assets excluding market impact. This is thanks to longstanding customer loyalty, an increased effort of the Fortis staff to provide the appropriate information and answers to the questions of customers and the positive result of continuous targeted commercial efforts, such as the e-savings account in Belgium launched in July.
24/09/2008 Information on RFS Holding’s squeeze out procedure On 22 September 2008, RFS Holdings B.V., the company incorporated by RBS, Fortis and Santander to acquire ABN AMRO Holding N.V. (“ABN AMRO”), completed the ‘squeeze out’ procedure related to ABN AMRO shares still held by minority shareholders of ABN AMRO. As a result, RFS Holdings B.V. has now become the sole shareholder of ABN AMRO.
16/09/2008 Fortis statement on market speculation Fortis notes that speculation regarding its share price is being exacerbated by emails spreading misinformation regarding a possible imminent rights issue. Fortis categorically denies this rumour.
15/09/2008 Fortis statement on Lehman Brothers exposure Further to the recent developments Fortis wishes to detail its estimated exposure to Lehman Brothers as of today 15th September:
Direct Exposure
„X EUR 137 million exposure in bonds (of which EUR 5 million in secured bonds).
„X There are no outstandings under the credit facility made available to Lehman Brothers.
„X The marked to market value of transactions done with Lehman under Off Balance Sheet Instruments (OBI) (forex, IRS, etc...) is close to zero, as the operations done are covered by a Credit Support Annex (CSA), with zero threshold.
„X Collateralised exposures in Reverse Repo transactions (cash provided in return for collateral) of EUR 270 million with quality collateral unrelated to Lehman.
„X Credit Default Swap (CDS): Fortis bought and sold protection on Lehman Brothers which results in a negative net profit and loss impact of EUR 7 million.
Indirect Exposure
„X Credit Default Swap (CDS):
o Fortis bought from Lehman protection on different companies ( not Lehman related) for an amount of Euro 117 million. This is covered by a Credit Support Annex (CSA)
15/09/2008 Fortis applies new transparency regulation To ensure the transparency of the shareholder structure of listed companies, new transparency legislation in Belgium requires investors to notify the regulator and the company at which shares are held whenever they exceed specific shareholding thresholds. Likewise, companies are required to disclose the information their investors need in order to submit these notifications, and are also required to disclose the information received in these notifications themselves.
21/08/2008 Fortis to sell ABN AMRO TEDA share to Old Mutual Fortis Bank SA/NV (“Fortis”), Old Mutual plc (“Old Mutual”) and Tianjin TEDA Investment Holding Co., Ltd (“TEDA”) have entered into an agreement for Old Mutual to acquire the 49% stake that Fortis holds in ABN AMRO TEDA Fund Management Co., Ltd (“AATEDA”), a major Chinese asset management joint venture, for a cash consideration of approximately EUR 165 million.
07/08/2008 Statement on Fortis Ping An Investments In response to today’s media reports about the approval process regarding the joint venture with Ping An, Fortis and Ping An confirm that this process is ongoing.
The regulatory application is proceeding as normal. Target is to close the process in the second half of this year.
04/08/2008 Results first half-year 2008 Fortis’s first half year net profit of EUR 1,638 million
Net profit up 3% in second quarter 2008 to EUR 830 million, but environment is becoming more difficult
• Fortis first half year 2008 net profit of EUR 1,638 million, down 41% compared to a very strong first half of 2007. Excluding EUR 591 million net of tax impact of credit market turmoil, net profit decreased by 21%
• First half year 2008 Fortis Banking
- Net profit of EUR 1,185 million. This is after EUR 409 million net of tax impact of credit market turmoil
- Net profit, excluding impact of credit market turmoil, was 24% lower year-on-year mainly due to lower capital gains and an increase in impairments on loans
- Reported total income 6% up. Excluding treasury and financial markets results and capital gains, total income increased by 4%
- Total expenses 4% higher. Excluding integration costs and consolidation of ABN AMRO Asset Management, total expenses were slightly down
01/08/2008 Fortis CFO, CRO and General Counsel to report to CEO Gilbert Mittler appointed special advisor to the CEO
As from today, the Fortis Chief Financial Officer, Lars Machenil, the Chief Risk Officer, Fred Bos, and the General Counsel, Jeannine Quaetaert, will report directly to the Fortis CEO Herman Verwilst. This further strengthens the authority of these key control functions.
Gilbert Mittler, formerly at Group Executive Committee level responsible for these departments, will from now on fully devote his time to the role of special advisor to the CEO, working alongside Herman Verwilst to implement the strategic priorities for Fortis.
‘Gilbert has played for over 20 years a first hand role in the growth of this company,’ says Fortis CEO Herman Verwilst. ‘Therefore this new assignment is a recognition of his extensive experience and commitment. I’m therefore happy that Gilbert, whom I have known for a long time, has accepted to take up this important new function.’
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. Fortis ranks among Europe’s top 20 financial institutions. 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.
01/08/2008 Fortis announces further initiatives to improve dialogue with shareholders Information meetings scheduled in Belgium and the Netherlands
Fortis announces that its increased communications efforts will be continued through the organisation of information meetings with shareholders. These meetings will be held in Belgium and the Netherlands in the second half of August.
As announced earlier, Fortis recognises the need to further intensify the dialogue with its shareholders. CEO Herman Verwilst has stated repeatedly that one of his priorities is restoring confidence in the company and reconnecting with all shareholders. On 19 July a special website was launched to adddress questions of shareholders and customers. So far, more than 40,000 people have visited the Fortis website and 2,500 questions have been asked. Over time this site will be further developed and further filled with information of interest to our shareholders.
In its meeting of today, the Board of Directors discussed several proposals to intensify the dialogue with the investor community. The Board came to the conclusion that information meetings with shareholders are a very efficient and expedient way to achieve this. Such events are an excellent opportunity to give information, answer questions, and exchange views. The meetings will be held in the second half of August 2008 in both Belgium and the Netherlands. The exact times and locations will be announced shortly.
Fortis is currently exploring additional ways to improve the dialogue with shareholders. New initiatives in this respect will be announced in due course.
17/07/2008 Fortis: overview of ratings Following the negative credit watch announced on 26 June 2008, Standard & Poor’s today decided to lower the ratings of Fortis by one notch. The rating of Fortis Bank, main issuer within Fortis, has changed from AA- with negative credit watch to A+ with a stable outlook.
The other two rating agencies covering Fortis - Fitch and Moody’s - updated their ratings recently. These two rating agencies have rated Fortis Bank in the AA category.
Fortis’ capital position remains strong. In this respect, the execution of the financial plan further supports its solidity and enables Fortis to focus on servicing its clients as well as the integration of ABN AMRO.
17/07/2008 Fortis provides first reaction to VEB and Deminor/Test-Aankoop. Request for a Shareholder Meeting to be discussed by Fortis Board of Directors
on 1 August.
Today Fortis has met with the Dutch Vereniging van Effectenbezitters (VEB) at the Fortis Headquarters in Utrecht. The meeting was aimed at having a constructive dialogue and responding to the questions raised in the letters received from VEB. Fortis has also answered these questions in writing. Furthermore, Fortis has confirmed that the Board of Directors, in their planned meeting on 1 August, will discuss the request for further open discussion by organising a General Meeting of Shareholders.
Simultaneously Fortis has also sent a written answer to Deminor/ Test Aankoop in response to their specific questions. Both letters to VEB and Deminor/ Test Aankoop are attached to this press release.
Fortis recognises the need to intensify the dialogue with its shareholders to strengthen trust in the company. In that respect it is planning increased communications effort in the coming weeks and months, addressing questions of in particular retail shareholders and customers.
Fortis will publish its half year results 2008 on Monday 4 August.
Annex:
1. Information provided to the VEB;
2. Letter sent to Deminor/Test-Aankoop
15/07/2008 Fortis Statement on market speculation In response to exceptional market speculation, Fortis feels it necessary to issue the following statement.
On Friday 11 July, the Fortis Board discussed and re-confirmed the adequacy of the measures as disclosed on 26 June and did not envisage any additional capital increase.
The Board further requested, unanimously, that Count Maurice Lippens continues to serve as Chairman of the Board.
The Dutch market regulator AFM (Autoriteit Financiële Markten) has today sent to Fortis a request for information in the frame of decisions disclosed on 26 June and 11 July 2008. Fortis will obviously cooperate with the authorities and respond to this request for information.
In addition, Fortis reaffirms its earlier statements made on 26 June about its operational performance for the second quarter of 2008. Details on these results will be published on 4 August 2008.
11/07/2008 Changes in the management of Fortis The Board of Directors of Fortis and M. Jean-Paul Votron have decided, by mutual
agreement and in the interest of the Group, to terminate the mandate of M. Jean-Paul Votron
as Fortis CEO.
Herman Verwilst, currently Fortis deputy CEO and executive member of the Board, has
agreed to take over the Group CEO function. The board is convinced that Herman Verwilst,
given his longstanding experience in Fortis, is well equipped to lead the company in these
challenging times and environment.
The Board has decided to start an executive search within, and outside, the company for the
future succession of the CEO.
These decisions can only become official pending approval by the financial regulators CBFA
in Belgium and DNB in the Netherlands.
The members of the Board wish to thank M. Votron for his commitment to Fortis during the
past four years. He has made a crucial contribution to the development of Fortis and has
transformed the company, thanks to important strategic decisions, into a more international
group. The Board has always, jointly and in confidence, supported the plans proposed by the
management under his leadership. In this respect, we refer a.o. to the acquisition of ABN
AMRO and the recent solvency plan. Further to his departure, M. Votron will receive a
contractual compensation equivalent to his current annual base salary.
10/07/2008 Fortis Board of Directors meeting on Friday 11 July The Fortis Board of Directors will convene on Friday 11 July in Brussels.
During this meeting, the Board members will discuss in particular the public reaction - in Belgium and The Netherlands - on the announcement made on 26 June.
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