Fortis increases its stake in Portugal's leading bank BCP to 4.99%

Mr. Herman Verwilst, Fortis Bank's CEO and Fortis's Deputy CEO, commented: "Fortis and BCP have been strong partners since the already successful Millenniumbcp Fortis joint venture was set up in 2004. This increase in our stake is a logical step that cements our partnership and reinforces our commitment to working with BCP and together exploring new opportunities".

 

Mr. Paulo Teixeira Pinto, BCP's Chairman and CEO added: "BCP welcomes the presence of Fortis as a relevant strategic shareholder. Fortis's acquisition of a significant interest in BCP has been considered since the start of our partnership in Millenniumbcp Fortis, our joint-venture in Portuguese bancassurance activities. This was the right time and opportunity to realize it, and both BCP and Fortis, as market leaders in their respective home countries, see this as a very positive step, opening futher prospects of enhancing cooperation between our two institutions and of considering other business areas of common interest."

 

This acquisition will have no material impact on Fortis's net profit per share.

 

 

Banco Comercial Português is Portugal's leading listed financial group, with total assets of EUR 74.6 billion, net income of EUR 513 million in 2004 and EUR 325 million in the first half of 2005, and total market capitalization of EUR 8 billion (ordinary shares plus mandatory convertible securities). The Bank has a 28% market share in credit and 22% in deposits. It is market leader in Life Insurance, Investment Funds, Factoring, Leasing and Retail Brokerage. The Bank has more than three million customers in Portugal and over 1,000 branches, operating under the retail brand name Millenniumbcp brand. It also has interests in selected international operations with high growth potential, such as Poland and Greece, creating a balanced business portfolio.

 

Fortis is an integrated financial services provider active in the fields of banking and insurance. With a market capitalization of EUR 30.1 billion (31/08/2005) and around 55,000 employees, Fortis ranks among the top 20 European financial institutions. In its home market, the Benelux countries, Fortis occupies a leading position that it aims to develop and bolster. Fortis is drawing on the expertise it has acquired in its home market to realize its European ambitions via growth platforms. Fortis also operates successfully worldwide in selected activities. In specific countries in Europe and Asia it effectively exploits its know-how and experience in bancassurance. Fortis is listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme in the United States. More information is available on www.fortis.com