topics

tools

Expatica countries

editor's choice

40.000 signatures to prevent early release of Fortuyns killer

Listing of international schools in the Netherlands

Guide to public transport in the Netherlands

Index	Last	Var.(%)
BEL 20	2117.66	-0.08
DAX	6323.19	-0.26
IBEX 30	6401.2	-2.17
CAC 40	3042.97	-0.16
FTSE 100	5356.34	0.09
AEX	292.76	0.00
DJIA	12454.83	-0.60
Nasdaq	2837.53	-0.07
FTSE MIB	13057.26	-0.74
TSX Composite	11566.15	-0.09
ASX	4120.2	0.96
Hang seng	18800.99	0.47
Straits Times	2787.22	0.52
ISEQ 20	501.76	0.16

You are here: Home

Finance & Business

Banking

BNP Paribas calls off Fortis deal

Banking

18/12/2008BNP Paribas calls off Fortis deal

French bank BNP Paribas SA has cancelled its acquisition of one half of the ailing Belgium's Fortis Bank.

US regulators criticised for Madoff scheme

Fortis bank, saved from collapse, again on shaky ground

Chinese want Fortis money back

Following a verdict last week by a judge in Brussels that Fortis should have asked shareholders' approval of the sale, Paribas announced on Thursday that the transaction could not continue as scheduled. The Brussels court's decision effectively froze the sale of Fortis shares to Paribas.

The takeover of the Belgian part of Fortis bank was to have cost Paribas, the largest bank in France, 14.5 billion euros. On the European stock exchanges the Paribas shares dropped slightly after the bank's announcement.

Saving Fortis in October: Belgium's Prime Minister Yves Leterme

with Dutch Finance Minister Wouter Bos (right)

Nationalised

Severely affected by the global financial crisis, international banking and insurance giant Fortis found itself teetering on the brink of bankruptcy a few months ago. To avoid a collapse, the Netherlands government nationalised the group's Dutch subsidiary in October.

In addition to Fortis Nederland, another top Dutch bank, ABN Amro, was also taken over by the government, in an unprecedented move to restore confidence in the financial system.

Dutch Finance Minister Wouter Bos has said both banks will remain state-owned at least until the end of 2009, but he emphasised that ultimately the banks would have to revert to their status of private enterprises. The nationalisation had the full and explicit support of the Dutch central bank, DNB.

Radio Netherlands

Photo: Redvers