Fortis CEO leaks emergency scenarios

28 09 2008

**UPDATE (11:30pm): Belgium, Luxemburg and
The Netherlands to nationalize Fortis (De Tijd)**

In a story that’s getting juicier by the minute, this picture was taken as newly appointed Fortis CEO Filip Dierckx entered the Wetstraat 16 – the Flemish equivalent of 10 Downing Street – for emergency talks about the future of troubled Belgian-Dutch banking and insurance group Fortis. The picture outlines the emergency scenarios currently on the table. An official announcement is expected to be made later tonight.

According to the document, Fortis will sell its nail-in-the-coffin ABN Amro assets, which it had acquired for 24 billion euros, to ING for 10 billion euros. In addition, Belgian and Luxemburgian authorities are to invest 7 billion euros in Fortis. Dutch authorities may also invest. And last but not least, Maurice Lippens is to resign from the Fortis Board of Directors.

Sources used in this blog post: De Standaard, De Tijd



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