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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

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