Crisis puts pressure on Fortis’ 2007 result
Fortis was severely affected last year by the international credit crisis.7 March 2008
AMSTERDAM - Fortis was severely affected last year by the international credit crisis. The Belgian-Dutch bank and insurance company lost EUR 2.7 billion as a result. More than half of that amount was deducted from the net profit.
The net profit came to EUR 4 billion last year. In 2006 it was 4.35 billion. Investors responded negatively. At the start of trading Fortis’ share price fell 4 percent.
Fortis took over ABN AMRO last year as part of a consortium with Spanish Banco Santander and Royal Bank of Scotland. Fortis says the integration is going according to plan.
[Copyright Expatica News 2008]