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.
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