Fortis issues new shares, cancels dividend

Fortis is to issue €1.5bn-worth of new shares and will not pay an interim dividend this year in order to ‘accelerate is solvency plan’, the financial services group said in a statement on Thursday.

Fortis said the decision follows from the forced sale of some of ABN Amro’s commercial banking activities and the acquisition of the remaining 51% of a joint venture with Delta Lloyd. It also ‘anticipates a persistent challenging market environment’, the statement said.
‘We believe is a prudent approach to take in the current environment,’ said Fortis CEO Jean-Paul Votron.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation