21/08/2008 Fortis to sell ABN AMRO TEDA share to Old Mutual Fortis Bank SA/NV (“Fortis”), Old Mutual plc (“Old Mutual”) and Tianjin TEDA Investment Holding Co., Ltd (“TEDA”) have entered into an agreement for Old Mutual to acquire the 49% stake that Fortis holds in ABN AMRO TEDA Fund Management Co., Ltd (“AATEDA”), a major Chinese asset management joint venture, for a cash consideration of approximately EUR 165 million.
07/08/2008 Statement on Fortis Ping An Investments In response to today’s media reports about the approval process regarding the joint venture with Ping An, Fortis and Ping An confirm that this process is ongoing.
The regulatory application is proceeding as normal. Target is to close the process in the second half of this year.
04/08/2008 Results first half-year 2008 Fortis’s first half year net profit of EUR 1,638 million
Net profit up 3% in second quarter 2008 to EUR 830 million, but environment is becoming more difficult
• Fortis first half year 2008 net profit of EUR 1,638 million, down 41% compared to a very strong first half of 2007. Excluding EUR 591 million net of tax impact of credit market turmoil, net profit decreased by 21%
• First half year 2008 Fortis Banking
- Net profit of EUR 1,185 million. This is after EUR 409 million net of tax impact of credit market turmoil
- Net profit, excluding impact of credit market turmoil, was 24% lower year-on-year mainly due to lower capital gains and an increase in impairments on loans
- Reported total income 6% up. Excluding treasury and financial markets results and capital gains, total income increased by 4%
- Total expenses 4% higher. Excluding integration costs and consolidation of ABN AMRO Asset Management, total expenses were slightly down
01/08/2008 Fortis CFO, CRO and General Counsel to report to CEO Gilbert Mittler appointed special advisor to the CEO
As from today, the Fortis Chief Financial Officer, Lars Machenil, the Chief Risk Officer, Fred Bos, and the General Counsel, Jeannine Quaetaert, will report directly to the Fortis CEO Herman Verwilst. This further strengthens the authority of these key control functions.
Gilbert Mittler, formerly at Group Executive Committee level responsible for these departments, will from now on fully devote his time to the role of special advisor to the CEO, working alongside Herman Verwilst to implement the strategic priorities for Fortis.
‘Gilbert has played for over 20 years a first hand role in the growth of this company,’ says Fortis CEO Herman Verwilst. ‘Therefore this new assignment is a recognition of his extensive experience and commitment. I’m therefore happy that Gilbert, whom I have known for a long time, has accepted to take up this important new function.’
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. Fortis ranks among Europe’s top 20 financial institutions. We have a presence in over 50 countries and a dedicated, professional workforce of more than 65,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at www.fortis.com.
01/08/2008 Fortis announces further initiatives to improve dialogue with shareholders Information meetings scheduled in Belgium and the Netherlands
Fortis announces that its increased communications efforts will be continued through the organisation of information meetings with shareholders. These meetings will be held in Belgium and the Netherlands in the second half of August.
As announced earlier, Fortis recognises the need to further intensify the dialogue with its shareholders. CEO Herman Verwilst has stated repeatedly that one of his priorities is restoring confidence in the company and reconnecting with all shareholders. On 19 July a special website was launched to adddress questions of shareholders and customers. So far, more than 40,000 people have visited the Fortis website and 2,500 questions have been asked. Over time this site will be further developed and further filled with information of interest to our shareholders.
In its meeting of today, the Board of Directors discussed several proposals to intensify the dialogue with the investor community. The Board came to the conclusion that information meetings with shareholders are a very efficient and expedient way to achieve this. Such events are an excellent opportunity to give information, answer questions, and exchange views. The meetings will be held in the second half of August 2008 in both Belgium and the Netherlands. The exact times and locations will be announced shortly.
Fortis is currently exploring additional ways to improve the dialogue with shareholders. New initiatives in this respect will be announced in due course.
17/07/2008 Fortis: overview of ratings Following the negative credit watch announced on 26 June 2008, Standard & Poor’s today decided to lower the ratings of Fortis by one notch. The rating of Fortis Bank, main issuer within Fortis, has changed from AA- with negative credit watch to A+ with a stable outlook.
The other two rating agencies covering Fortis - Fitch and Moody’s - updated their ratings recently. These two rating agencies have rated Fortis Bank in the AA category.
Fortis’ capital position remains strong. In this respect, the execution of the financial plan further supports its solidity and enables Fortis to focus on servicing its clients as well as the integration of ABN AMRO.
17/07/2008 Fortis provides first reaction to VEB and Deminor/Test-Aankoop. Request for a Shareholder Meeting to be discussed by Fortis Board of Directors
on 1 August.
Today Fortis has met with the Dutch Vereniging van Effectenbezitters (VEB) at the Fortis Headquarters in Utrecht. The meeting was aimed at having a constructive dialogue and responding to the questions raised in the letters received from VEB. Fortis has also answered these questions in writing. Furthermore, Fortis has confirmed that the Board of Directors, in their planned meeting on 1 August, will discuss the request for further open discussion by organising a General Meeting of Shareholders.
Simultaneously Fortis has also sent a written answer to Deminor/ Test Aankoop in response to their specific questions. Both letters to VEB and Deminor/ Test Aankoop are attached to this press release.
Fortis recognises the need to intensify the dialogue with its shareholders to strengthen trust in the company. In that respect it is planning increased communications effort in the coming weeks and months, addressing questions of in particular retail shareholders and customers.
Fortis will publish its half year results 2008 on Monday 4 August.
Annex:
1. Information provided to the VEB;
2. Letter sent to Deminor/Test-Aankoop
15/07/2008 Fortis Statement on market speculation In response to exceptional market speculation, Fortis feels it necessary to issue the following statement.
On Friday 11 July, the Fortis Board discussed and re-confirmed the adequacy of the measures as disclosed on 26 June and did not envisage any additional capital increase.
The Board further requested, unanimously, that Count Maurice Lippens continues to serve as Chairman of the Board.
The Dutch market regulator AFM (Autoriteit Financiële Markten) has today sent to Fortis a request for information in the frame of decisions disclosed on 26 June and 11 July 2008. Fortis will obviously cooperate with the authorities and respond to this request for information.
In addition, Fortis reaffirms its earlier statements made on 26 June about its operational performance for the second quarter of 2008. Details on these results will be published on 4 August 2008.
11/07/2008 Changes in the management of Fortis The Board of Directors of Fortis and M. Jean-Paul Votron have decided, by mutual
agreement and in the interest of the Group, to terminate the mandate of M. Jean-Paul Votron
as Fortis CEO.
Herman Verwilst, currently Fortis deputy CEO and executive member of the Board, has
agreed to take over the Group CEO function. The board is convinced that Herman Verwilst,
given his longstanding experience in Fortis, is well equipped to lead the company in these
challenging times and environment.
The Board has decided to start an executive search within, and outside, the company for the
future succession of the CEO.
These decisions can only become official pending approval by the financial regulators CBFA
in Belgium and DNB in the Netherlands.
The members of the Board wish to thank M. Votron for his commitment to Fortis during the
past four years. He has made a crucial contribution to the development of Fortis and has
transformed the company, thanks to important strategic decisions, into a more international
group. The Board has always, jointly and in confidence, supported the plans proposed by the
management under his leadership. In this respect, we refer a.o. to the acquisition of ABN
AMRO and the recent solvency plan. Further to his departure, M. Votron will receive a
contractual compensation equivalent to his current annual base salary.
10/07/2008 Fortis Board of Directors meeting on Friday 11 July The Fortis Board of Directors will convene on Friday 11 July in Brussels.
During this meeting, the Board members will discuss in particular the public reaction - in Belgium and The Netherlands - on the announcement made on 26 June.
26/06/2008 Fortis completes capital increase THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
13/06/2008 Fortis launches ‘Life is a curve’ campaign Fortis will launch on 16 June its first fully integrated advertising campaign. The ‘Life is a curve’ campaign encourages people to think about their financial needs today and plan for tomorrow, with the help of a trusted partner such as Fortis. It brings together for the first time all Fortis businesses and international activities under one brand concept, reflecting the company’s growth and ambition as one of Europe’s most dynamic and sustainable financial services companies.
06/06/2008 Fortis appoints Kristof Macours as Company Secretary The Fortis Board of Directors has appointed Kristof Macours as Fortis Company Secretary. Mr Macours succeeds Ingrid Loos, who has held this position since 1 January 2006 and who has decided to pursue her career outside of Fortis.
05/06/2008 Fortis kicks into action on World Environment Day Today is United Nations World Environment Day. Fortis has jumped at this opportunity to highlight the importance of doing business responsibly and in an environmentally-friendly manner. One of its key objectives is to use 10 per cent less energy per FTE by the end of 2010.
23/05/2008 Fortis successfully places EUR 625 million with non-dilutive Core Tier 1 Capital instrument Fortis today announces that it has successfully placed an amount of EUR 625 million through a Core Tier 1 capital transaction (“NITSH II” or “Non-Innovative Tier 1 Subordinated Hybrid Securities II”). The transaction carries a cash coupon of 8.00%.
Fortis announced the launch of NITSH II on 15 May 2008. The transaction was the second of its kind, was non-dilutive and euro-denominated, and mainly targeted retail and institutional investors across Europe.
20/05/2008 Fortis and Delta Lloyd in talks on the acquisition of 51% of the share capital of ABN AMRO Verzekeringen Fortis, ABN AMRO and Delta Lloyd have begun talks on ABN AMRO Verzekeringen (AAV). Fortis wants to take over Delta Lloyd’s 51% stake in ABN AMRO Verzekeringen. The acquisition of these shares would enable Fortis to further shape the distribution of insurance through its banking channel in the Netherlands.
19/05/2008 NASDAQ OMX appoints EMCF to handle its clearing for the Pan-European Market The NASDAQ OMX Group, Inc. today announced that it has selected the European Multilateral Clearing Facility (EMCF), a wholly-owned Fortis subsidiary, to deliver clearing services for the NASDAQ OMX Pan-European Market.
15/05/2008 Fortis announces a new non-dilutive Core Tier 1 Capital instrument THIS COMMUNICATION IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE COMPANY DOES NOT INTEND TO OFFER ANY OF THE SECURITIES WITHIN THE UNITED STATES.
29/04/2008 Decisions taken by the General Meetings of Shareholders of 29 April 2008 The Annual General Meetings of Shareholders of Fortis SA/N.V. and Fortis N.V. have approved all proposals put forward by the Board of Directors.
Dividend
Fortis paid an interim dividend of EUR 0.70 per share in September for the first half of 2007, in line with the dividend policy of paying 50% of the full-year dividend for the previous financial year. The 2007 interim dividend adjusted for the rights issue amounts to EUR 0.586 per share.
Given the adjusted 2007 interim dividend of EUR 0.586 and a proposed final dividend of EUR 0.59, the total proposed dividend for 2007 comes to EUR 1.176 per share in cash. The final dividend will be payable from 27 May 2008.
Each Fortis share represents one share in each of the two Fortis parent companies, Fortis SA/NV and Fortis N.V. Shareholders can opt to receive the dividend from Fortis SA/NV, the Belgian source, or from Fortis N.V., the Dutch source. They need to make their preference known during the dividend election period.
22/04/2008 Fortis launches life insurance operations in India IDBI Fortis Life Insurance, the joint venture between IDBI, Federal Bank and Fortis in India, has launched life insurance operations. Following approval from all regulators, the company has started selling a full range of life insurance and long-term saving products across the country.
15/04/2008 Fortis named Clearing Service of the Year Fortis Clearing was recently named Clearing Service of the Year by the Futures & Options World (FOW) Magazine, a subsidiary of the prestigious Euromoney Group. Fortis was selected by a panel of peers and an online poll.
03/04/2008 Fortis and ABN AMRO announce the first step in the sale of parts of ABN AMRO Business Unit Netherlands Today Fortis and ABN AMRO announce the first step in the sale of parts of the commercial banking activities of ABN AMRO Business Unit Netherlands (BU NL). This consists of Hollandsche Bank Unie N.V., two corporate clients units and 13 commercial advisory branches. In addition, the Dutch factoring company IFN Finance B.V. will be sold. All these businesses are currently part of ABN AMRO in the Netherlands.
The proposed sale is in line with the commitments made to the European Commission (EC) on 3 October 2007 aimed at overcoming the EC’s concerns regarding concentration in the Dutch banking market resulting from Fortis’s acquisition of certain ABN AMRO assets. The EC wants assurance that a solid player will enter the Dutch commercial banking market. Fortis and ABN AMRO are taking all necessary steps to comply with the EC’s requirements.
02/04/2008 Ping An and Fortis finalise global asset management partnership agreement Today in Shenzhen (China), Ping An and Fortis officially signed the final agreement that formalises the establishment of a global asset management partnership between the two companies. The signing ceremony was witnessed by the Shenzhen Mayors, senior management from both parties, advisors and other dignitaries in Shenzhen.
31/03/2008 Fortis publishes Annual Report and CSR Report for 2007 Fortis today publishes its Annual Report and CSR Report for 2007. The reports, which are available at www.fortis.com, are being published simultaneously in order to underscore Fortis’s commitment to Corporate Social Responsibility (CSR).
19/03/2008 Ping An and Fortis to enter into a global asset management partnership Ping An intends to acquire a 50% stake in Fortis Investments
Fortis and Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “Ping An Group”) today jointly announced the signing of a Memorandum of Understanding (“MOU”) to form a global asset management partnership. Ping An intends to acquire a 50% equity stake in Fortis Investments*, the global asset management arm of Fortis, for a consideration of EUR 2.15bn (RMB 24.02bn**). Through this partnership, Ping An would significantly advance its strategy to establish a global asset management business and a Qualified Domestic Institutional Investor (“QDII”) platform while Fortis would significantly accelerate the development of its business in both China and Asia Pacific.
12/03/2008 Fortis awarded ‘Best Carbon Trader 2008’ Fortis has received the ‘Best Carbon Trader 2008’ award from Point Carbon. The award was presented at the prestigious Carbon Market Awards at the Carbon Market Insight conference. Each year, Point Carbon announces the winners for Best Trader, Best Broker and Best Project Developer.
06/03/2008 Fortis Board of Directors nominates KPMG as sole auditor as of 2009 Fortis announced today that its Board of Directors will propose to the 2008 Annual General Meetings of Shareholders the appointment of KPMG as its sole auditor as of the financial year 2009. Fortis decided on 9 August 2006 to request KPMG and PwC, its two existing auditors, to submit a tender. A tender process was organised in 2007, giving both firms the opportunity to prepare under the best possible conditions. The decision, subject to regulatory approvals, to assign the external corporate and consolidated audit of Fortis SA/NV, Fortis N.V. and their subsidiaries to a single audit firm will further improve the efficiency of the audit procedure.
05/03/2008 VINCI and Fortis enter into exclusive negotiations to create the world’s leading car park operator VINCI and Fortis today signed a memorandum of understanding with a view to combining their respective activities in the public car park industry. This combination would be achieved through VINCI Park, a subsidiary of VINCI Concessions, and Interparking, a subsidiary of Fortis Real Estate. Both groups would share the equity of the new entity, which would be majority owned by VINCI, Fortis retaining a significant holding. The new entity would manage 1.3 million parking places in 1,800 car parks in 16 countries worldwide.
27/02/2008 Santander purchases from Fortis ABN AMRO’s asset management activities in Brazil Fortis and Santander today announced that they have reached an agreement by which Santander will purchase from Fortis the Brazilian asset management activities of ABN AMRO, which Fortis acquired as part of the Consortium’s (RBS, Fortis and Santander) purchase of ABN AMRO. Fortis will retain the Latin American (ex-Brazil) institutional sales and some equity investment teams related to funds distributed through ABN/Fortis channels.
22/01/2008 Fortis teams up with Green Award Foundation Fortis and the Green Award Foundation have jointly announced a cooperation agreement whereby Fortis has become a Green Award Incentive Provider.
27/12/2007 Fortis agrees to sell its stake in ICBC (Asia) to ICBC Fortis announces today that it has agreed to sell its approximately 8.23% stake in ICBC (Asia) (being 100,913,330 shares and 11.2 million warrants) to ICBC, the parent company of ICBC (Asia), for a total consideration of around EUR 170 million. The sale is part of the plan to finance the acquisition of certain parts of ABN AMRO.
21/12/2007 Fortis raises EUR 210 million from former holders of ABN AMRO preference shares Fortis today completed an issue of preference shares of Fortis Bank Nederland (Holding) N.V. These preference shares, which were issued as an alternative instrument, were offered to the former holders of non-listed preference shares of ABN AMRO Holding N.V.
30/11/2007 Fortis takes next step in financing the acquisition of certain ABN AMRO assets THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW
Offering of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”)
As part of its plan to finance the acquisition of certain ABN AMRO assets, Fortis announces today that it intends to make an offering of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”) of up to EUR 2.5 billion (subject to an increase option of up to an additional EUR 500 million). The bookbuilding will take place in the course of today.
30/11/2007 Fortis successfully places the offering of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”) THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW
As part of its plan to finance the acquisition of certain ABN AMRO assets, Fortis announces today that it has priced and successfully placed EUR 3.0 billion of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”).
29/11/2007 Fortis welcomes Ping An as a key shareholder - Additional information On 28 November 2007, after the closing of trading hours on Euronext Brussels and Amsterdam, Ping An and Fortis entered into an agreement setting forth the rules applicable to Ping An’s shareholding in Fortis.
29/11/2007 Fortis and EOS enter into a partnership in debt collection Fortis Consumer Finance and EOS have reached an agreement by which EOS will acquire 50% joint control of Aremas, a subsidiary of Alpha Credit, part of Fortis Consumer Finance. Together, the new partners will further establish Aremas as a key player in the Belgian and Luxembourg debt collection market, and are looking forward to developing their strategic partnership.
27/11/2007 Fortis awarded ‘Bank of the Year in Western Europe’ The Banker, an international magazine from the Financial Times Group, has awarded Fortis ‘Bank of the Year in Western Europe’ for the first time. Fortis was also elected as ‘Bank of the Year in Belgium’ for the fifth time in six years. Previous winners of the Western Europe award have included BNP Paribas (2006), Grupo Santander (2005), and Royal Bank of Scotland (2004).
During the awards ceremony in London on 28 November, CEO Jean-Paul Votron will receive the award from Stephen Timewell, The Banker’s Editor-in-Chief. The award highlights that Fortis is the natural financial partner to do business with at home and abroad. It also confirms the fantastic performance achieved over the past year by the company’s management and employees.
16/11/2007 Steven Braekeveldt appointed CEO of Fortis Insurance International Europe Fortis Insurance has appointed Steven Braekeveldt (47) as CEO of Fortis Insurance International Europe, with effect from 1 December 2007. Steven will be in charge of the European insurance operations of Fortis outside Belgium and the Netherlands. He will report to Peer van Harten, CEO of Fortis Insurance.
13/11/2007 Fortis finalises the sale of its holding in its Spanish joint venture, CaiFor, to “la Caixa” Fortis announces that it has finalised the sale of its interests in the Spanish bancassurance joint venture, CaiFor, (i.e. 50% in CaiFor and 20% in SegurCaixa) to “la Caixa”, for a total cash consideration of EUR 980 million, including 2007 interim dividend of EUR 30 million.
05/11/2007 Fortis transformation reflected in new top management structures Fortis will restructure its top management as of 1 January 2008. The Executive Committee will be recomposed and responsibilities redistributed. A Business Executive Committee - which will replace the Fortis Management Committee – will be installed and will operate in closest collaboration with a Group Executive Committee. Taking into account the Fortis managers who have already taken up responsibilities within ABN AMRO, Fortis is convinced it now has the adequate management structure in place, not only to guarantee the successful integration of the acquired businesses, but also to develop Fortis as a whole.
02/11/2007 2 November 2007 – Fortis, RBS and Santander Update on Acceptances of ABN AMRO Shares Fortis, RBS, Santander (collectively the "Banks") and RFS Holdings are pleased to announce that, following the expiration of the subsequent offering period on 31 October 2007, a total of 1,826,332,482 ABN AMRO ordinary shares (including shares underlying 37,925,911 ABN AMRO ADSs) have been tendered or will be contributed by the Banks to RFS Holdings, representing approximately 98.8% of ABN AMRO ordinary shares.* During the subsequent offering period, 236,099,027 ABN AMRO ordinary shares (including shares underlying 2,693,888 ABN AMRO ADSs) were tendered to RFS Holdings, representing approximately 12.8% of ABN AMRO ordinary shares.
18/10/2007 Fortis EUR 10 billion revolving credit facility confirmed Fortis today announced that the EUR 10,000,000,000 revolving credit facility has
successfully closed on a club deal basis with Dresdner Bank AG, Niederlassung Luxemburg,
ING Bank Wholesale Banking, Mediobanca – Banca di Credito Finanziario S.p.A.,
Coöperative Centrale Raiffeisen Boerenleenbank B.A. and Société Générale Corporate and
Investment Banking. The Facility will be used towards financing part of the consideration
payable by RFS Holdings B.V. in connection with the offer for ABN AMRO.
16/10/2007 Fortis joint venture in Ireland opens new head office and branch, creating 50 new jobs Postbank – Fortis’s joint venture with An Post – has just opened its new head office in Dun Laoghaire in south Dublin. The move brings 50 jobs to the town. Postbank has also announced the opening of its latest branch in Dun Laoghaire Post Office. Jos Clijsters, CEO of Fortis Retail Banking and Donal Connell, Chief Executive of An Post, joined Margaret Sweeney, Chief Executive of Postbank for the inaugurations.
11/10/2007 Joint Message from ABN AMRO, Fortis, RBS and Santander Supervisory and Managing Board Nominations and Responsibilities
ABN AMRO, Fortis, RBS and Santander announce today the nominations for the new structure and membership of the Supervisory and Managing Boards of
ABN AMRO, together with their proposed responsibilities. These are subject to the completion of the appropriate approval process including an Extraordinary General Meeting of shareholders called for by ABN AMRO at the earliest practical date as well as consultation with all relevant staff representative bodies.
The Supervisory Board will continue to be chaired by Mr Arthur Martinez. Nominated to join the Supervisory Board are Mr Jean-Paul Votron, Chief Executive of Fortis, Sir Fred Goodwin, Chief Executive of RBS, and Mr Juan Inciarte, General Manager of Santander. Mr David Baron de Rothschild,
Mr Marcus Pratini de Moraes, Mr Paulo Scaroni, Lord Sharman of Redlynch and Mr Gerhard Randa will be stepping down at the forthcoming EGM.
For the Managing Board our intention is to increase both its resources and capabilities while providing increased leadership focus for Business Units and functions. The structure details (attached) show how existing responsibilities will map onto the proposed structure. In the period ahead we will be working on the allocation of further responsibilities to the leadership team as appropriate.
As announced by ABN AMRO yesterday Mr Rijkman Groenink is stepping down from his position as Chairman of the Managing Board. The other existing members of the Managing Board will retain positions with revised responsibilities.
Mr Groenink’s nominated replacement as Chairman is Mr Mark Fisher, currently Chief Executive of the Manufacturing Division and a member of the RBS Group Board and Group Executive Management Committee.
11/10/2007 Fortis appoints two new international Executive Committee members Alain Deschênes – Chief Operating Officer, Camille Fohl – CEO Retail Banking
Karel De Boeck nominated as Vice Chairman to the Managing Board of ABN AMRO
Fortis has appointed Alain Deschênes and Camille Fohl members of the Executive Committee (ExCo), Fortis’s highest managing body, with effect from 1 January 2008. Alain Deschênes, who has been Fortis’s Chief Information Officer since February 2005, will become Chief Operating Officer (COO). Camille Fohl, CEO of Fortis Commercial Banking since 2005, will become CEO of Retail Banking. Karel de Boeck, current Chief Risk Officer, has been nominated as Vice Chairman to the Managing Board of ABN AMRO.
10/10/2007 10 October 2007 – Fortis, RBS and Santander Declare Offer for ABN AMRO Unconditional Further to their announcement of 8 October 2007, Fortis, RBS, Santander (collectively, the "Banks") and RFS Holdings have declared wholly unconditional the offer for ABN AMRO ordinary shares and ABN AMRO ADSs (the "Ordinary Shares Offer") and the offer for ABN AMRO Formerly Convertible Preference Shares (the "Preference Shares Offer", and, together with the Ordinary Shares Offer, the "Offers"). Settlement of the Offers will take place on 17 October 2007.
In accordance with normal practice in the Netherlands, the Banks will provide a Subsequent Offering Period to allow holders of ABN AMRO ordinary shares, ABN AMRO ADSs and ABN AMRO Formerly Convertible Preference Shares (together, "ABN AMRO Shareholders") who have not yet accepted the Offers to tender their ABN AMRO ordinary shares, ABN AMRO ADSs and ABN AMRO Formerly Convertible Preference Shares (together, "ABN AMRO Shares").
09/10/2007 Fortis named Best Employer in the Netherlands Fortis was named Best Employer in the Netherlands for 2007 in a survey by Intermediair among more than 120 firms. The Dutch weekly announced the winner on 9 October.
The Intermediair Best Employer Survey, conducted annually in the Netherlands, compares employment conditions, company culture and employee satisfaction.
Fortis stands out in a comparison of employment conditions in areas such as employer contributions to pension and life-course savings schemes and in several work-life balance schemes. Initiatives designed to encourage employees to do community volunteer work and to lead a healthier lifestyle also helped to lift Fortis to the top of the list.
The survey also revealed that the banking and insurance firm has the most satisfied employees of all financial institutions.
08/10/2007 8 October 2007 – Fortis, RBS and Santander Update on Acceptances of ABN AMRO Ordinary Shares Fortis, RBS, Santander (collectively the "Banks") and RFS Holdings announce, thus far, 1,590,339,614 ABN AMRO ordinary shares (including shares underlying 35,341,532 ABN AMRO ADSs) have been tendered under the Offer or will be contributed by the Banks to RFS Holdings. These represent approximately 86% of ABN AMRO ordinary shares.
04/10/2007 4 October 2007 – Fortis, RBS and Santander - Announcement concerning ABN AMRO Convertible Financing Preference Shares Fortis, RBS and Santander (collectively, the “Banks”) today announce that RFS Holdings B.V. will offer €0.59 in cash per Depository Receipt representing ABN AMRO Holding N.V. Convertible Financing Preference Shares.
The Banks announced in the Offer Memorandum of 20 July 2007 that RFS Holdings B.V. intended to make appropriate proposals to the holders of Depository Receipts issued for ABN AMRO Holding N.V. Convertible Financing Preference Shares in due course. RFS Holdings hereby announces an offer of €0.59 in cash to all holders of all such depository receipts (the “Depository Receipts Offer”), conditional upon RFS Holdings’s offer for all ABN AMRO ordinary shares and ADSs being declared unconditional.
The Depository Receipts Offer will expire at 3:00pm Amsterdam time (9:00am New York City time) on 30 October 2007, unless it is extended or withdrawn. Investors can obtain an information letter containing further details of the Depository Receipts Offer from the Banks’ joint website, www.consortiumbid.com.
03/10/2007 Fortis welcomes approval from European Commission Today Fortis received approval from the European Commission for the acquisition of ABN AMRO. As part of the approval, the Commission has imposed remedies on Fortis to address certain competition concerns in the Commercial Banking segment in the Netherlands.
The remedies imposed by the Commission consist of a post-acquisition divestment package relating to specified parts of the Business Unit Netherlands of ABN AMRO (the ‘Divestment’).
A key element of the Divestment is the proposed sale of Hollandsche Bank Unie N.V. (an independent, separately licensed commercial bank), 13 advisory branches and two Corporate Client Departments and the sale of the Dutch factoring company IFN Finance B.V.
The scope of the Divestment represents around 10% of the part of Business Unit Netherlands to be acquired by Fortis in terms of assets, income and initially projected revenue and cost synergies. The corresponding projected restructuring charges, however, remain unchanged compared to what was presented on 29 May. The remedies imposed will not have any material effect on the post-acquisition planned integration of Fortis and ABN AMRO.
Most of the text of the European Commission’s review will be available shortly on the website of the European Commission.
http://ec.europa.eu/comm/competition/mergers/news.html
02/10/2007 2 October 2007 – Fortis, RBS and Santander – U.S. Registration Statement declared effective In connection with the proposed acquisition by RFS Holdings of ABN AMRO and further to their announcement of 28 September 2007 regarding U.S. regulatory matters, Fortis, RBS and Santander (collectively, the “Banks”) announce that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form F-4 (the “Form F-4”) filed by RBS, which includes the U.S. offer document, thereby satisfying in part condition (h) of the offer. As a result, RBS will now also be permitted to issue its ordinary shares upon settlement of the offer to ABN AMRO shareholders and ADS holders in the U.S. in satisfaction of RFS Holdings’s obligations under the terms and conditions of the offer (as described in further detail in the U.S. offer document). Copies of the Form F-4, including the U.S. offer document, may be obtained free of charge from the SEC’s website, http://www.sec.gov.
The Banks believe this marks another significant step towards satisfaction of the conditions applicable to the offer and invite ABN AMRO shareholders to accept the Banks’ offer prior to its expiration on Friday, 5 October 2007 at 3:00 pm (Amsterdam time) / 9:00 am (New York City time).
27/09/2007 Fortis wins the first ever carbon auction in Brazil and acquires 808,000 carbon credits from the Sao Paulo government at Brazil auction Fortis, global leader in the fast growing carbon market, announces its successful participation in the Brazilian Certified Emission Reductions (CER) auction – the first to be held on a regulated stock market. This underlines Fortis’s commitment to support the functionality of the Kyoto Protocol framework, the market-based mechanism that has been implemented to address global warming by reducing Green House Gas (GHG) emissions.
25/09/2007 25 September 2007 – Publication of Amendment to F-4 Fortis, RBS and Santander (collectively, the “Banks”) have today publicly filed an amendment to the Form F-4 with the SEC. The Form F-4 was first filed on 20 July 2007 in connection with the Banks’ offer for ABN AMRO. The amendments to the Form F-4 include the provision of further detail on developments that have been announced by the Banks in recent weeks, such as amendments in connection with the Dutch Minister of Finance’s consent and the status of the financing of the offer. The amendments also include an update of regulatory approvals.
Copies of the offer documents and of documents incorporated by reference in the offer documents may be obtained free of charge, subject to the same restrictions as apply to the offers, by contacting the Dutch exchange agent or the global information agent at the addresses and telephone numbers below.
The Dutch exchange agent:
Fortis Bank (Nederland) N.V.
Rokin 55
1012 KK Amsterdam
The Netherlands
Tel: +31 20 527 24 67 The global information agent:
D.F. King & Co., Inc.
2 London Wall Buildings, 2nd Floor
London Wall, London EC2M 5PP
United Kingdom
European Toll Free Help Line: 00 800 5464 5464
48 Wall Street, 22nd Floor
New York, NY 10005
United States
North American Toll Free Help Line: 1 (800) 848 2998
21/09/2007 Jan-Michiel Hessels elected Vice-Chairman of Fortis Board of Directors The Fortis Board of Directors elected Jan-Michiel Hessels Vice-Chairman on Thursday 20 September. In this capacity, Jan-Michiel Hessels, currently a member of the Fortis Board, replaces Jan Slechte, who stepped down as a Board member on 23 May 2007.
21/09/2007 Fortis trading update: Click here for the pdf Fortis will be holding discussions with analysts and investors during the period of its rights issue. This statement sets out the results-specific information that may be covered during those discussions. Comments relate to the expected results for the nine-month period ending 30 September 2007, unless otherwise stated. They are based on management expectations using the most recent information available. The current quarter will only be closed as of 30 September, however, so actual results could differ from what is stated below.
17/09/2007 17 September 2007 - Fortis, RBS and Santander welcome Dutch Minister of Finance consent Today, the Dutch Minister of Finance, on the advice of De Nederlandsche Bank N.V. ("DNB"), has granted Fortis, RBS and Santander (collectively, “the Banks”) the Declarations of No Objection they require in respect of the proposed acquisition of ABN AMRO Holding N.V. and its group companies ("ABN AMRO"). This is an important step towards the completion of the Banks’ offer for ABN AMRO.
13/09/2007 Fortis confident it will get regulatory clearance from the European Commission within offer period In order to obtain clearance from the European Commission competition authorities for the acquisition of ABN AMRO, Fortis yesterday presented remedies, related to the market for small and medium-sized enterprises in the Netherlands.
Fortis expects to get EU clearance on 3 October at the latest. At this stage, no further details on the remedies will be given.
07/09/2007 Announcement Fortis, RBS and Santander - 7 September 2007 – Publication of Amendment to F-4 Following the filing by ABN AMRO of its Form 6-K on 31 August 2007, including a reconciliation of IFRS net profit and shareholders’ equity to US GAAP for the 6 months ended 30 June 2007, Fortis, RBS and Santander (collectively, the “Banks”) have today publicly filed an amendment to the Form F-4 with the SEC. The Form F-4 was first filed on 20 July 2007 in connection with the Banks’ offer for ABN AMRO. The amendments to the Form F-4 include the addition of pro forma combined US GAAP financial information for ABN AMRO and RBS as of and for the 6 months ended 30 June 2007.
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