Fortis hold shareholders meeting in Brussels

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The meeting in Brussels aims to restore shareholders’ confidence in the bank after the company took controversial decisions which caused shares to dip.

22 August 2008

BRUSSELS -- Bank and insurance group Fortis held an informative session for its shareholders on Thursday, aiming to restore their confidence in the company.

The bank held the meeting to inform shareholders on the company's strategy and to allow them a chance to ask questions about the company’s strategy.
A similar meeting had already taken place in Amsterdam on Monday.

Shareholders received information on some of Fortis's controversial moves in June, and also had the opportunity to ask questions about the company's future plans.

After taking over the Dutch group ABN-Amro, Fortis experienced financial difficulties. Fortis had to come out with a capital increase, causing the share value to take a dive. This led to discontentment and unrest among shareholders and eventually the resignation of Fortis CEO Jean-Paul Votron.

Fortis chairman Maurice Lippens explained the management adopted the only possible strategy.

"We don't regret any decisions we've taken, although it was a bit painful sometimes. But we believe in our strategy, it was the best option. If we can integrate ABN-Amro in a couple of years, we'll be one of the best banks in Europe."

When asked whether he would take the same decisions again, Lippens answered: ”Certainly, no doubt about that."

[ / Expatica]

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