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FORTIS (EBR:FORB) New transparency rules came into effect recently. In accordance with the new legislation, disclosures, as required by Fortis, have been made to Belgian regulator CBFA (Banking Finance and Insurance Commission) and to Fortis.
In compliance with the new rules, specific information on issued capital, shares with voting rights, legal thresholds and contact details can be found on the Fortis website www.fortis.com.
The total number of shares with voting rights (on 16 October 2008) on which the percentage of the holding for the purposes of disclosure should be based amounts to 2,516,657,248 (the denominator).
The denominator has changed because of a capital increase on 16 October 2008 due to the exercise of employee share options assigned in 2003 (61,751 new shares).
In addition, the shares issued for the CASHES instrument (125,313,283) are now included with the shares with voting rights. As announced in the press release of 14 October, shares committed to the CASHES are no longer excluded, since Fortis Bank, which owns these shares, is no longer consolidated by Fortis. These CASHES should thus be treated as 'outstanding shares'.
Confronted with a systemic financial crisis in 2008, Fortis has undergone a complete metamorphosis. Its banking and insurance activities have been acquired by the Dutch and Belgian States of which the non-Dutch activities will be acquired by BNP Paribas subsequently. Fortis Holding will henceforth include the international insurance activities, a 66% stake in a structured credit portfolio entity and financial assets and liabilities of the different financing vehicles.
Fortis Insurance International is present in UK, France, Hong Kong, Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and has joint-ventures in Luxembourg (Life), Portugal, China, Malaysia, India and Thailand. As of 30 June 2008, Fortis Insurance International had a total equity of EUR 1.6 billion and funds under management within consolidated companies in the Life business of EUR 21 billion.
