DutchNews.nl - 'Negative' Fortis name to go in Holland

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'Negative' Fortis name to go in Holland

Wednesday 15 October 2008

The name Fortis is to disappear from the Dutch market because of its ‘negative connotations’ Jan van Rutte, the bank’s top man in the Netherlands told BNR Nieuwsradio on Tuesday.

All Fortis' Dutch banking and insurance activities were nationalised by the Dutch government on October 3. The company ran into problems because of the credit crisis and its expensive takeover of the Dutch banking operations of ABN Amro last year.

Now there is a good chance that the Fortis bank might be re-named name ABN Amro if the two Dutch banks are integrated, said Van Rutte.

There are still sound reasons to merge the two banks but if this does not happen then a new name would be found for Fortis Bank Nederland, he said.

Meanwhile the finance ministry has appointed Michael Enthoven, the former chairman of merchant bank NIBC, to the ABN Amro supervisory board to replace Herman Verwilst.

Fortis' share price closed almost 80% down at €1.20 on Tuesday when trading in the slimmed-down company was resumed on Tuesday after a suspension of over a week.