Belguim Bank Fortis Nationalised
Published / Last Updated on 29/09/2008
Belguim Bank Fortis Nationalised
Belgium bank Fortis has been nationalised by three European governments at a cost of £8.9bn. Belgium, the Netherlands and Luxembourg governments have bailed out the bank for £8.9bn.
Belgium has injected £3.7bn for a 49 per cent stake in Fortis’s Belgium banking units, the Netherlands pumped £3.1bn for the same-sized stake in Fortis’s Dutch banking operations and Luxembourg extended a loan of £2bn which, upon conversion, will guarantee it 49 per cent of Fortis’s banking business in Luxembourg.
ABN Amro, the Dutch lender, Fortis bought last year, will be sold at a loss.
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