Fortis sells off its banking arm
The Fortis UK insurance businesses will remain part of Fortis Insurance International within the For...
The Fortis UK insurance businesses will remain part of Fortis Insurance International within the Fortis Holding Company, following the finalisation of the deal between Fortis Holding, the Belgian State and BNP Paribas over the business' banking side.
The transaction concluded with BNP Paribas's acquisition of 54.5% of Fortis Bank, which purchased a stake of 25% +1 share of Fortis Insurance Belgium. The sale generated a capital gain of EUR0.7bn, which will be included in Fortis Holding's Q2 2009
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