Fortis Bank to disappear

27th October 2008, Comments 0 comments

Fortis Bank intends to change its name. The bank is being taken over by BNP Paribas of France soon.

The Belgian Government had to step in and rescue the bank earlier this month. Fortis banking activities were nationalised and later sold on to the French. Fortis customers will not lose out as a result of the banking crisis, but shareholders have lost most of their investments.

Fortis's new French masters are acknowledging that the Fortis brand has become tattered and are responding to calls from local bank managers.

A new name - whatever it may be - is intended to re-launch the high street bank in Belgium.

Deputy President issues warning

Meanwhile Luc Coene, the Deputy President of Belgium's central bank, has warned against judicial steps by Fortis shareholders to prevent the sale to BNP Paribas.

Mr Coene insists that the government got the best possible deal and that only the sale of Fortis Bank could safeguard customers’ savings and the bank's future.


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