BNP Paribas’ acquisition of a 75% stake in the Belgian activities of ailing financial services group Fortis is ‘an important step in the further stabilisation of the financial system,’ ANP reports prime minister Jan Peter Balkenende and finance minister Wouter Bos as saying on Monday morning.

In a deal announced on Sunday evening, the Belgian government will acquire the remaining 25% in the Belgian activities. The agreement follows the Dutch government’s nationalisation of all Dutch activities of Fortis on Friday evening.
The Dutch state is to pay €16.8bn for the Fortis assets in the Netherlands, including ABN Amro, the bank it bought last year.
Green light
The nationalisation has been provisionally given the go-ahead by European competition commissioner Neelie Kroes.
‘At the moment the deal has the green light but talks are continuing on how to proceed in the future,’ Kroes said in an interview with tv programme Buitenhof on Sunday.
The nationalisation meanwhile drew mixed reactions from the Dutch media at the weekend.
Deal is ‘baffling’
Het Financieele Dagblad said the deal is baffling: ‘With one move ABN Amro and Fortis have become the most trustworthy banks in the market. This is an unfair competitive advantage during the current credit crisis,’ the paper said.
De Volkskrant was more positive, saying the move was ‘unavoidable’ as uncertainty was still dogging ABN Amro and savers were withdrawing their cash from the bank.
The AD also backed the deal, noting that the Dutch government had taken over the best parts of Fortis.
Meanwhile the Telegraaf said the government still had a lot of explaining to do: ‘Taxpayers may gain in the future if the state can sell the bank at a profit but Fortis shareholders face uncertainty…’
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