Watchdog to investigate events at Fortis

The financial services watchdog AFM is to launch an investigation into recent happenings at Fortis, chairman Hans Hoogervoorst told BNR radio on Tuesday.

Hoogervoorst said the AFM looked at events which ‘surprise the financial markets’ as a matter of course.
The probe follows Fortis’ announcement that it was to strengthen its balance sheet by €8bn and was scrapping its interim dividend. News of the new share issue and other measures shocked Fortis investors and analysts because the bank had repeatedly said its finances were sound. Last week, CEO Jean-Paul Votron resigned.
Fortis lost some 18% of its value on the Amsterdam stock exchange in early afternoon trading.

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