Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Madagascar political crisis: top court orders formation of unity government

Read more

MEDIAWATCH

Ireland's abortion referendum

Read more

THE WORLD THIS WEEK

Weinstein in court; Ireland abortion vote; Italy's populist takeover

Read more

YOU ARE HERE

Sugar and spice: The flavours of the French Caribbean

Read more

FRENCH CONNECTIONS

The French are so rude! Or are they?

Read more

REVISITED

Video: After key battle, Syrian town of Kobane looks to the future

Read more

ENCORE!

The writing's on the wall: Revolutionary posters from May 68

Read more

REPORTERS

'We heard there might be a civil war': May 68 seen from abroad

Read more

#THE 51%

U.S. mid-terms: Record number of women running and winning primaries

Read more

Business

Fortis' record loss means no dividend for now

Latest update : 2009-03-16

Troubled bank Fortis is to post an annual loss of 22.5 billion euros for 2008, after the world credit crisis forced a split between the Belgian and Dutch operations. The Belgian entity was then sold to the French BNP-Paribas.

AFP - Belgian bank Fortis said Sunday it expected to report a record loss of 22.5 billion euros for 2008, when the world financial crisis drove it to be nationalised and sold off.
   
Fortis Holding "expects, based on Belgian accounting standards, a statutory loss carried forward of 22.5 billion euros (29 billion dollars) as at year-end 2008," the bank said in a statement.
   
"That means there is no room for the payment of a dividend at the moment."
   
It said it would publish full results for 2008 on March 31.
   
Fortis Holding was formed last year when the damage wrought by the US-born international credit crisis forced it to be split up, with the Belgian and Dutch states taking control of its operations in those two countries.
   
Belgium has since been negotiating to sell Fortis's Belgian operations to the French bank BNP Paribas.
   
Fortis Holding groups together the bank's insurance operations in the Netherlands, Belgium and overseas.
 

Date created : 2009-03-16

COMMENT(S)