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The troubled Belgian-Dutch bank Fortis, whose suspended takeover by BNP Paribas brought down the Belgian government, said Wednesday the aborted deal also cost it euro295 million in currency transactions.
Shares in BNP Paribas slumped Thursday after the French bank scrapped plans for a shareholder meeting on its acquisition of Belgium's troubled Fortis bank.
Fortis, the bailed-out Belgian-Dutch lender, said Wednesday it would reabsorb one of its core insurance units after a court blocked the sale of most of the business to French bank BNP Paribas.
A Belgian appeals court on Friday froze several major deals made by the former Belgian-Dutch bank Fortis NV in October to ward off bankruptcy, Dutch media reported.
BNP Paribas won European Union approval to buy the Belgian and Luxembourg banking arms of troubled lender Fortis on Wednesday — but has agreed to sell off a credit card unit to eliminate antitrust problems.
Shareholders of Fortis NV, the Belgian-Dutch lender which saw most of its operations sold or nationalized last month due to the credit crunch, booed members of the board at a meeting Monday and vented their anger over seeing their investments in the company decimated.
The Dutch government named former finance minister Gerrit Zalm as chief executive of the recently nationalized ABN Amro and Fortis banks on Friday, and said the combination will not be privatized before 2011.
European Union regulators on Thursday approved state guarantees given to Belgium's troubled lenders Fortis Bank and Dexia financial group.
There will be no sackcloth and ashes for the management of struggling insurer Fortis, who agreed to lucrative pay packages despite a plummeting share price and a shareholders' revolt over the handling of the business through the credit crunch.
China's Ping An Insurance Co. said Monday it will record a $2.3 billion loss on its stake in troubled European bank Fortis NV, in the biggest blow yet to a Chinese institution from the global credit crisis.
Officials of troubled Belgian bank Fortis NV acknowledged Monday they had no choice but to seek a buyout by another bank because of the increasing problems the company suffered due to the global financial credit crisis.
The Dutch government said Friday it will buy the operations of Fortis NV in the Netherlands for 16.8 billion euros ($23.2 billion) after a previous bailout failed and the troubled bank teetered on the edge of insolvency.
Dutch-Belgian bank and insurance giant Fortis NV was given a 11.2 billion euro ($16.4 billion) lifeline to avert insolvency as part of a wider bailout plan agreed to by Belgium, the Netherlands and Luxembourg, officials said Sunday.
Shares in troubled bank Fortis NV plummeted Monday despite a 1.2 billion euro ($16.4 billion) government bailout, amid growing signs European banks have been hit harder by the U.S. financial crisis than they have been willing to admit.
Dutch bank Fortis will issue $2.35 billion in new shares and scrap cash dividends for the year to shore up its balance sheet.
Insurance company ordered to pay $10 million for revoking policy of teen with HIV.The South Carolina Supreme Court has ordered an insurance company to pay $10 million for wrongly revoking the insurance policy of a 17-year-old college student after he tested positive for HIV. The court called the 2002 decision by the insurance company "reprehensible."
'Beautiful' blonde teenager, 17, charms her way into high-security area of Paris bank - then pulls a gunA beautiful blonde teenager charmed her way into the high security area of a bank in the heart of a Paris tourist district before allegedly pulling out a gun.
Three European banks forecast back in spring of 2008 that the world economy would suffer a sharp decline. The banks Barclays, Fortis, and RBS all sought large infusions of funds to cover their investments, all in the spring months of May-June-July.
Financial crisis fells Belgian leadershipThe Belgian government on Monday night became the first national administration to fall as a direct result of events linked to the global financial crisis.
Cheaper health insurance for organ donor registrationFive Dutch health insurers on Monday announced a discount of up to 120 euros, or between five and ten percent, for policy-holders who register whether or not they wish to donate their organs after death.
The Second Secession of BelgiumTo many Belgians, events surrounding the takeover of financial services group Fortis must have seemed like 1830 all over again with the Dutch pulling out, the French lying in wait and the Spaniards - Santander is the only buyer of ABN Amro to profit from the acquisition - carryin …
Three governments nationalise Fortis bankThe Belgium, Dutch and Luxembourg governments have agreed to inject 11.2 billion euros into financial services group Fortis after the banking and insurance company got into trouble last week. The bailout announced on Sunday makes the three governments the owners of the company.
International Insurer Fortis in talks with Belgian bank regulators Belgian banking authorities held talks with Fortis NV officials Saturday to try to restore confidence in the embattled bank after its shares slumped amid fears of insolvency. The Dutch-Belgian bank and regulators were trying before markets reopened Monday to find a way to stop i …
ABN Amro chairman says Barclays bid too lowThe Barclays bid may indeed be too low, but that does not by definition meant that the Consortium bid is high enough. ABN-Amro is clearly trying to extract every last drop of blood it can, and the signs are it will succeed in the next few weeks.
Fortis CEO Dismisses Worries Over ABN Bid Financing EDINBURGH (Reuters) - Belgian-Dutch bank Fortis' chief executive dismissed fresh concerns on Friday over the bank's capacity to fund its part of a 71 billion euro takeover of Dutch rival ABN AMRO .
Fortis says taking strategic position in ABN AmroFortis is playing it smart and ensuring it has the ability to call some shots even if the official bid does not succeed.
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