BRUSSELS, Belgium, Jan. 20, 2005 (PRIMEZONE) -- Yesterday evening the EU granted final approval to the joint venture announced between Fortis and Banco Comercial Portugues (BCP), Portugal's biggest private bank. The deal will give Fortis a 51% stake in, and management control of, the Portuguese bank-insurer's operations. The new joint venture in bancassurance, Millenniumbcp Fortis Insurance Group, will be Portugal's market leader in life insurance. The parties aim to finalise the agreement and transfer of ownership in the coming weeks.
Millenniumbcp Fortis Insurance Group
The new joint venture Millenniumbcp Fortis becomes market leader in Life insurance in Portugal. In 2003 BCP's bancassurance activities registered EUR 1.3 billion of premiums of which EUR 1.1 billion of Life premiums (with a market share of 21%) and EUR 0.2 billion of Non-life premiums. In Non-life Millenniumbcp Fortis enjoys an interesting position (overall market share of 4% and 30% in the bancassurance channel), including a leading position in Health insurance. Life technical reserves amounted to EUR 5.8 billion at the end of 2003.
Banco Comercial Portugues (BCP)
Banco Comercial Portugues is the leading private financial group in Portugal, with total assets of EUR 68.5 billion, net income of EUR 438 million in 2003 and EUR 239 million for the 1st half-year 2004, as well as a combined market capitalization of EUR 6.7 billion (ordinary shares and 2005 mandatory convertible securities). The Bank has 28% market share in credit and 22% in deposits, being market leader in Life insurance, Investment funds, Factoring, Leasing and Retail brokerage. The Bank has more than 3 million customers in Portugal and over 1,000 bank branches, operating under the retail brand name Millenniumbcp. In addition 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 26.4 billion (31/12/2004) and around 52,000 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