SOURCE: FORTIS

August 23, 2006 09:52 ET

RijnHove Beheer acquires Monterey Management, a Dutch financial and fiduciary services provider.

BRUSSEL, BELGIUM -- (MARKET WIRE) -- August 23, 2006 --



Today, RijnHove and Fortis Intertrust, the owner of Monterey Management BV, have reached an agreement regarding the sale of 100% of Monterey Management to RijnHove.

Based in Rotterdam, Monterey Management provides high net worth individuals with a full range of tax, legal and fiduciary services concerning succession planning and wealth preservation. Its staff (17 FTEs) are highly experienced and well-trained professionals, who have established long-standing relationships with the company and its clients.

Frans van Rijn and Sjaak ten Hove, directors of RijnHove Beheer, which is based in Breda, said: "The acquisition of Monterey Management, a trust and fiduciary company, is in line with RijnHove's strategy to develop on a European scale its existing business as a provider of professional trust services. Monterey complements our own business in the Netherlands. Together, we will be one of the most important medium sized trust companies in the Netherlands and we believe strongly that this will offer excellent growth opportunities in the current market, which in general is facing the effects of the stringent regulatory obligations in the Netherlands. We welcome to our group Monterey's staff of experienced professionals, who have been responsible for Monterey's success in recent years."

Bas Schreuders, CEO of Fortis Intertrust, added: "Monterey's strength lies in its dedication to its clients, to whom its name as an independent provider of Dutch trust structures stands for professional service. Fortis Intertrust, a leading provider of trust and corporate services with more than 1100 employees in 23 countries, has chosen to operate under one Fortis flag, which will enable it to widen its range of international services and to enhance further its worldwide offering. Monterey's position as a strong, independent provider of tax, legal and fiduciary services did not allow for a smooth integration into the new Fortis structure while a merger with Fortis Intertrust would have been detrimental to both the company and its customers. We are confident that RijnHove will allow Monterey to develop its growth potential to the full."

This transaction will have no impact on Fortis's net profit per share.


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 36,2 billion (31/07/2006), 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 58,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on www.fortis.com


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