March 06, 2006 02:08 ET

Fortis confirms negotiations with the Industrial Development Bank of India Limited (IDBI) to enter into a Memorandum of Understanding in view of a bancassurance partnership, which is expected to

be signed in the near future.

This potential partnership is in line with Fortis's strategy to develop bancassurance in Europe and Asia, where it already has bancassurance activities in China, Malaysia and Thailand.

BRUSSEL, BELGIUM -- (MARKET WIRE) -- March 6, 2006 --

Further announcements will follow when the Memorandum of Understanding is effectively signed, but no comment will be made by either party in the meantime.

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 39 billion (28/02/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 44 countries and our dedicated, professional workforce of 57,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on

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