Fortis Bank Nederland (Holding)
The Fortis Bank Nederland (Holding) NV (FBNH) was a Dutch banking group, based in Amsterdam . It emerged in October 2008 from the spin-off and nationalization of the Dutch part, including the shares in ABN AMRO Holding NV and the insurance business in the Netherlands, the former Fortis Group .
On July 1, 2010 the legal conclusion of the merger of ABN Amro with Fortis Bank Nederland took place. As part of this process, Fortis Bank Nederland was completely merged with ABN Amro. In future all branches will be operated under the name ABN Amro Bank.
The most important activities of Fortis Bank Nederland included retail business , private banking as well as corporate banking and merchant banking . At the beginning of 2008, Fortis Bank Nederland employed around 9,800 people and had total assets of 270 billion euros. In retail banking, the bank had 2.1 million private customers and more than 50,000 SME customers. The branch network comprised 160 locations in the Netherlands.
The merger of Fortis Bank Nederland and the Dutch division of ABN AMRO Bank would have to cut around 4,000 to 5,000 jobs. This should result in savings of 1.0 to 1.3 billion euros.
history
As part of the financial crisis , Fortis Holding found itself in a massive financial crisis from mid-September 2008. On October 4, 2008, the Dutch part of the Fortis Group (ABN AMRO, Fortis Bank Nederland Holding NV, Fortis Insurance Netherlands NV) was taken over 100 percent by the Netherlands for 16.8 billion euros.
The Dutch government wants to bring in the Dutch retail banking and asset management of the split ABN AMRO Bank NV. The Dutch state paid EUR 6.5 billion for this area of ABN AMRO Bank, which is apparently more than the market value. The EU competition authority therefore initiated an examination procedure at the beginning of April 2009.
The board includes Jan van Rutte, Frans van der Horst, Jeanine Helthuis, Frans Demmenie and Jeroen Dijst.
In mid-February 2009, a transition team was set up to bring ABN AMRO Nederland and Fortis Bank Nederland together. President is Gerrit Zalm (former Minister of Finance), Vice-President is Jan van Rutte.
The Dutch state wants to claim a compensation sum of 362.5 million euros from Fortis Holding for the shareholders of Fortis Bank Nederland.
On July 2, 2009, the bank repaid a EUR 34 billion credit facility that had been taken out in October 2008 to the Dutch government. There is still a remaining credit facility of 32.8 billion euros with the Dutch government.
According to research by Le Soir , the management knew even before the purchase of ABN Amro Bank that it was threatened with a loss of 400 million euros in the course of the subprime crisis and exposed to a risk of default of several billion. In order not to endanger the purchase project, she did not inform the responsible risk committee about it, contrary to duty.
Business data 2008
Fortis Bank Nederland NV made a loss of 18.5 billion euros in the 2008 financial year (2007 profit of 1.3 billion euros). This results in particular from substantial value adjustments from the takeover of ABN AMRO Bank of 17.75 billion euros. In connection with the Bernard L. Madoff fraud affair, there are further losses in 2008 of 922 million euros. In the operational business in 2008 a profit of 604 million euros was made.
On April 7, 2009, the bank announced that it had received a 3-year government bond for EUR 5 billion.
At the end of September 2009, the Netherlands announced that they wanted to sell part of Fortis Bank to BNP Paribas .
Subsidiaries
- Fortis Hypotheek Bank NV
- Fortis Groenbank BV
- Direct bank NV
- Fortis MeesPierson - private bank
as well as from the ABN AMRO
- ABN AMRO Nederland
- ABN AMRO Private Banking Amsterdam
- ABN AMRO Markets
- Hollandsche Bank-Unie (HBU) ( takeover by Deutsche Bank )
- ABN AMRO Mortgage Group
- Amstel Lease
- International Diamond and Jewelry Group (ID&JG)
Fortis Commercial Finance (FCF), based in 's-Hertogenbosch, is active in 20 countries worldwide and has around 700 employees. FCF is the fourth largest factoring company in the world.
Fortis Intertrust as the former daughter of MeesPierson (taken over by Fortis in 1997 and renamed Fortis Intertrust in 2006) also belongs to Fortis Bank Nederland.
Finodis, a service provider for the outsourcing of financial back office services, is also part of Fortis Bank Nederland.
Individual evidence
- ^ Further rescue operation for Fortis from October 4, 2008, handelsblatt.com, accessed on January 24, 2011
- ↑ www.finanznachrichten.de: ABN AMRO and Fortis legally concluded
- ↑ Fortis Bank Nederland ( Memento of the original of April 8, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ ABN AMRO wants to delete thousands of places ( page can no longer be accessed , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Reuters.com
- ^ State of Affairs
- ^ Stand van Zaken ABN AMRO, Fortis
- ↑ Fortis press information. PDF
- ↑ Dutch state neemt Fortisbank over
- ↑ on: www.minfin.nl
- ^ Two strong Insurance Companies
- ↑ Frankfurter Allgemeine Zeitung - EU investigates aid for Fortis Nederland and ABN Amro ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. dated April 8, 2009
- ↑ Reuters - EU has concerns about state aid for Fortis Netherlands. April 8, 2009.
- ↑ Commission investigates nationalization of Fortis ( Memento of the original from April 12, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Raad van Bestuur ( Memento of the original from February 10, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ on: www.group, Abnamso.com ( Memento of the original dated May 12, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Courses ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Fortis Bank Nederland - press release of July 2nd, 2009 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ^ Ministry of Finance - press release of July 2, 2009.
- ↑ La direction de Fortis a trompé le conseil. Le Soir, February 12, 2010.
- ^ Yves Kengen: Nouveau coup de théâtre. La direction savait qu'en laissant la banque se lancer dans le rachat d'ABN Amro, elle courait à la catastrophe. Luxemburger Wort , February 13, 2010. p. 86.
- ↑ swissinfo.ch - Fortis Bank Nederland closes 2008 with a loss of 18.5 billion euros ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. dated March 26, 2009
- ↑ RTLZ, Financien
- ↑ The Netherlands want to sell parts of Fortis to BNP Paribas ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Commercial Fortis ( Memento of the original from August 13, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Fortis Intertrust ( Memento of the original of March 2, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ to: www.finodis.com ( Memento of the original from April 17, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
