May 25, 2007 12:04 ET

Fortis finalises the acquisition of a majority stake in Pacific Century Insurance in Hong Kong

BRUSSEL, BELGIUM -- (MARKET WIRE) -- May 25, 2007 --

Following the announcement made on 1 March 2007, Fortis is pleased to announce that it has finalised the acquisition of 50.45% of Pacific Century Insurance from its majority shareholder, PCI Regional Developments Ltd, and others for a total consideration of HKD 3.5 billion (EUR 341 million).

Dennis Ziengs, CEO Fortis Insurance Asia: "During the last six years, Fortis has developed a solid insurance presence in Asia through its partnerships in China, Malaysia, Thailand, and most recently India. All this will be further strengthened by PCI becoming part of Fortis. We see PCI as a strong platform for Fortis to become a leading player in the Hong Kong insurance market and to build upon the model we have developed in those partnerships. We warmly welcome our 300 new colleagues and 2,000 new agents to the Fortis family."

A Mandatory General Offer ("MGO") to acquire the remaining shares and options of PCI was launched on 21 May and will be closed on 11 June 2007.

About Fortis

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 43.2 billion (30/04/2007), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 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

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