Fortis is pleased to announce that it has acquired the German life insurer Gutingia Lebensversicherung AG. Gutingia employs 31 people and booked gross written premiums of EUR 12.1 million in 2005.
Jacob Westerlaken, CEO of Fortis Insurance International Europe, comments: "Germany is one of the largest life insurance markets in Europe and has strong top-line growth potential in the near to medium term, considering the low penetration rates and recent reforms of the pension system. It is a key country for Fortis, as is evidenced by the recent acquisition of Von Essen Bank and the expansion of Consumer Finance through Credit Shops (Credit4me), not to mention our Merchant Banking, Commercial and Private banking and asset management activities."
The transaction will have no impact on Fortis's net profit per share.
Fortis in Germany
Fortis has been present in Germany for over 85 years. Its German operations now encompass Merchant, Commercial and Private Banking, Fortis Investments and Retail Banking, particularly Consumer Finance.
Commercial Banking operates out of seven business centres in Cologne, Frankfurt, Dortmund, Trier, Stuttgart, Munich and Hamburg. It provides international companies with a range of cross-border solutions, including cash management, credits, trade finance, global export and project finance, leasing, factoring and acquisition finance.
Merchant Banking has offices in Frankfurt, Düsseldorf and Cologne, where its operations include Acquisition & Leverage Finance, Corporate Banking, Corporate Finance and Capital Markets, Export and Project Finance, Global Market Sales, Institutional Banking, Prime Fund Solutions and Securities Financing. At each of these locations, it has sales and client service teams dedicated to corporate and institutional clients.
Fortis Investments is based in Frankfurt and Düsseldorf, where it provides socially responsible investment (SRI) services. Its new investment centre in Frankfurt manages asset allocation portfolios and employs a portfolio manager specialising in German micro caps. Fortis Investments also has a stake in Versiko, a socially responsible financial-service provider, headquartered near Düsseldorf.
Fortis is actively growing its German Consumer Finance operations. It recently acquired Von Essen Bank and last July launched an innovative Credit Shop concept under the Credit4me brand. It has since opened eleven credit shops and aims to have a total of 130 shops fully operational by 2009. Besides offering consumer finance and credit cards, it also provides retail customers with daily banking, borrowing, savings, mortgage, and brokerage products and services.
About Fortis
Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners.
With a market capitalisation of EUR 41.6 billion (30/09/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 58,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on www.fortis.com
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