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Governments of Belgium, Luxembourg and the Netherlands invest EUR 11,2 billion in Fortis
Concerted action by the three governments and the respective supervisory authorities to support Fortis
* The three Governments of the Benelux countries invest EUR 11,2 billion in Fortis Bank. * Fortis will sell its interest in ABN Amro Bank. * Maurice Lippens resigns as Chairman of the Fortis Board of Directors.
Today Fortis and the Governments of Belgium, Luxembourg and the Netherlands announce that they have entered into an agreement, whereby:
- the Government of Belgium has agreed to invest EUR 4.7 billion in Fortis Bank NV/SA (Belgium) in exchange for a 49% share in the common equity of this entity - the government of the Netherlands invests EUR 4.0 billion in Fortis Bank Nederland Holding in exchange for a 49% ownership of this entity - the Government of Luxembourg invests EUR 2.5 billion in Fortis Banque Luxembourg SA. in the form of a mandatory convertible loan. Next to other rights Luxembourg upon conversion will be entitled to 49% of Fortis Banque Luxembourg.
Governance changes
Today Maurice Lippens decided to step down as Chairman of the Fortis NV/SA Supervisory Board. His replacement will be recruited from outside the company in consultation with the Belgian government. In addition, the supervisory boards of each of the Belgian, Dutch and Luxembourg Banks of Fortis will be reconstituted with significant presence of candidates nominated by each of the respective governments.
