SOURCE: FORTIS

May 20, 2008 12:27 ET

Fortis and Delta Lloyd in talks on the acquisition of 51% of the share capital of ABN AMRO Verzekeringen

BRUSSEL, BELGIUM--(Marketwire - May 20, 2008) -


REGULATED INFORMATION

Fortis and Delta Lloyd in talks on the acquisition of 51% of the share capital of ABN AMRO Verzekeringen

Fortis, ABN AMRO and Delta Lloyd have begun talks on ABN AMRO Verzekeringen (AAV). Fortis wants to take over Delta Lloyd's 51% stake in ABN AMRO Verzekeringen. The acquisition of these shares would enable Fortis to further shape the distribution of insurance through its banking channel in the Netherlands.

Owing to the change of control at joint venture partner ABN AMRO as a consequence of the takeover of ABN AMRO by the Consortium, ABN AMRO can contractually exercise call option rights to buy back the 51% shares in ABN AMRO Verzekeringen held by Delta Lloyd.

ABN AMRO will transfer this stake, once acquired, together with the 49% of AAV it already holds to Fortis Insurance Netherlands.

Regulators, unions and employee representation bodies have been informed of this intention.

Fortis expects the talks to be finalised in the fourth quarter of 2008. The transaction is expected to be completed in the first quarter of 2009. No further communication will be made on these proceedings.




ABN AMRO Verzekeringen is a joint venture between ABN AMRO Bank (49%) and Delta Lloyd Group (51%). This insurer sells insurance products offered by ABN AMRO Bank to its customers. ABN AMRO Verzekeringen is based in Zwolle (Netherlands) and has a workforce of around 650 people.

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 38.5 billion (30/04/2008), Fortis ranks among the 20 largest financial institutions in Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional workforce of 65,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.



Press offices: Brussels: +32 (0)2 565 3584 Utrecht: +31 (0)30 226 3219

Investor Relations: Brussesl: +32 (0)2 565 5378 Utrecht: +31 (0)30 226 6566





Copyright © Hugin AS 2008. All rights reserved.

Contact Information