Ageas Hybrid Financing S.A. ("AHF"), a financial vehicle owned by ageas SA/NV ("Ageas"), issued USD 750 million 8.25% Perpetual Securities in 2008 (the "NITSH I Securities"). The NITSH I Securities are guaranteed on a subordinated basis by Ageas (formerly Fortis N.V. and Fortis SA/NV).
The proceeds of the NITSH I Securities were on-lent to BNP Paribas Fortis SA/NV (formerly Fortis Bank SA/NV) on a subordinated basis. Since the break-up of Fortis this on-loan represents a relatively high third party credit exposure.
BNP Paribas Fortis has notified AHF that it will call the USD 750 million NITSH I on-loan on 27 August 2013, in line with its decision to call the NITSH II securities. This call allowed AHF to notify the market and the holders of the NITSH I Securities today that it will in turn call the NITSH I Securities outstanding at their first call date, on 27 August 2013.
Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest player in private car insurance and the over 50's market. Ageas employs more than 13,000 people and has annual inflows of more than EUR 21 billion.
