Ageas N.V.

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Publicatie datum 22 mei 2008 - 08:05

Statutaire naam Ageas N.V.

Titel Fortis reports strong progress in the integration of ABN AMRO

Bericht Timetable, synergies and integration process fully on track At its Investor Day in Brussels today, Fortis will reconfirm the timetable that will lead to the full integration of the businesses it acquired from ABN AMRO in 2007. It will also provide further details on expected synergies, which are now confirmed at EUR 1.3 billion by the end of 2010, as previously announced. “We are just seven months into the process and have already made excellent progress on all fronts. We have hit each of the key milestones for this process, and even at this very early stage our customers are beginning to see the first benefits,” confirms Fortis CEO Jean-Paul Votron. “We acquired high quality businesses with a recurrent and predictable earnings stream. These businesses fit our strategic profile, allowing us to build on existing strengths. We are growing in markets that enjoy attractive economic and commercial fundamentals. Customers are already experiencing the benefits of this transaction, for instance in the joint rollout of new investment products. The intention to take full control of ABN AMRO’s insurance activities, as announced on 20 May 2008, fits Fortis’s ambition to fully leverage its bancassurance skills to the ABN AMRO client base.” Integration process on track and timetable reconfirmed Fortis has decided to implement its operating model, leveraging ABN AMRO’s best practices, and has nominated the future leadership teams to take the enlarged group through the integration period and beyond. The demerger of ABN AMRO Asset Management was fast-tracked and the activities were transferred to Fortis on 1 April 2008. The legal demerger of the remaining activities will continue in a phased approach over the next two years until the integration is finalised, which is expected to be by the end of 2010. The Private Banking activities outside the Netherlands, Factoring, Leasing, Cards and Groenbank are expected to be transferred as of the fourth quarter of 2008. The remaini

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Datum laatste update: 13 november 2024