Fortis reaffirms its strong commitment to implement its growth strategy as announced by Jean-Paul Votron in January and June and fully supported by the Fortis Board.
Its key elements are the development of each of the businesses with a particular emphasis on a retail banking and insurance presence, commercial & private banking and merchant banking and the focus on geographical expansion (by 2009 30% of earnings comes from outside Benelux). The essence of the Fortis strategy is and remains organic growth but may also take acquisitions into consideration.
In this context, Fortis confirms that it has invited Dexia to jointly study the possibilities of combining forces based on strong belief that this could create substantial additional value for both companies, their shareholders and all other stakeholders.
Fortis has taken notice of Dexia's negative response to the invitation.
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 in the top 20 of European financial institutions. In its home market, the Benelux countries, Fortis occupies a leading position which 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
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