Fortis to proceed as insurer in Belgium

Fortis, the Belgian government and French bank BNP Paribas have revised their plans to carve up the financial services group, news agency Reuters reports on Friday.

Under the new deal, Fortis will proceed in Belgium as an insurance company. Fortis Holding will retain 90% of the insurance operations, with the other 10% going to BNP Paribas.
In October, BNP Paribas agreed to buy 75% of Fortis Bank Belgium and all of the Belgian insurance operations, leaving Fortis with just the international insurance arm and a debt portfolio.
That decision was successfully challenged in court by shareholders, forcing a re-think.
Fortis’ Dutch operations have been nationalised.

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