SOURCE: FORTIS

November 13, 2007 02:05 ET

Fortis finalises the sale of its holding in its Spanish joint venture, CaiFor, to "la Caixa"

BRUSSELS, BELGIUM--(Marketwire - November 13, 2007) -


Fortis announces that it has finalised the sale of its interests in the Spanish bancassurance joint venture, CaiFor, (i.e. 50% in CaiFor and 20% in SegurCaixa) to "la Caixa", for a total cash consideration of EUR 980 million, including 2007 interim dividend of EUR 30 million.

Fortis and "la Caixa" had announced in July that they had mutually decided to end their CaiFor joint venture after 15 years of fruitful collaboration.

This transaction generates, in the 4th quarter of 2007, a gain of EUR 950 million after tax.

Gilbert Mittler, CFO of Fortis, comments: "The timing of this transaction fits perfectly with Fortis's acquisition of parts of ABN AMRO. As announced earlier, the proceeds of this divestment, not only contribute to the financing of the acquisition, but also reinforce our solvency position".

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 48.5 billion (31/10/2007), Fortis ranks among the 15 largest financial institutions in Europe. Our sound solvency position, our presence in over 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 at www.fortis.com.


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pdf version of the press release: http://hugin.info/134212/R/1167953/229291.pdf


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