Fortis announces today that it has agreed to sell its approximately 8.23% stake in ICBC (Asia) (being 100,913,330 shares and 11.2 million warrants) to ICBC, the parent company of ICBC (Asia), for a total consideration of around EUR 170 million. The sale is part of the plan to finance the acquisition of certain parts of ABN AMRO.
Luc Henrard, CEO of Fortis Asia, comments: "ICBC is and will remain a key partner for Fortis and we look forward to further develop our excellent relationship in China".
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 40.3 billion (30/11/2007), Fortis ranks among the 15 largest financial institutions in Europe. Our sound solvency position, our presence in more than 50 countries and our dedicated, professional workforce of 60,000 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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