Fortis Bank Nederland
Encyclopedia
Fortis Bank Nederland was a bank in the Netherlands until 2010.
The holding came into being within Fortis Bank, as a holding for those Dutch banks taken over by Fortis. In September-October 2008, the Dutch government first planned to invest €4 billion in exchange for an almost-50% interest in the holding (in newly-to-be-issued shares), but within a week the agreement was cancelled. The Dutch government took over all the Dutch parts of Fortis for a total of €16.8 billion; in this take-over, Fortis Bank Nederland was valued at €5 billion.
Later, Fortis Bank Nederland came in the news because it had lost €1 billion in the Madoff investment scandal
. In March 2009, it reported that over 2008 it had booked an operational profit of €0.6 billion; this excluded (massive) write-offs.
In February 2010 Fortis Bank Nederland was integrated into the new ABN AMRO
by the Dutch Government and some parts were sold off. On the 1 July that year the integration was officially completed and the Fortis name ended.
The holding came into being within Fortis Bank, as a holding for those Dutch banks taken over by Fortis. In September-October 2008, the Dutch government first planned to invest €4 billion in exchange for an almost-50% interest in the holding (in newly-to-be-issued shares), but within a week the agreement was cancelled. The Dutch government took over all the Dutch parts of Fortis for a total of €16.8 billion; in this take-over, Fortis Bank Nederland was valued at €5 billion.
Later, Fortis Bank Nederland came in the news because it had lost €1 billion in the Madoff investment scandal
Madoff investment scandal
The Madoff investment scandal broke in December 2008 when former NASDAQ chairman Bernard Madoff admitted that the wealth management arm of his business was an elaborate Ponzi scheme....
. In March 2009, it reported that over 2008 it had booked an operational profit of €0.6 billion; this excluded (massive) write-offs.
In February 2010 Fortis Bank Nederland was integrated into the new ABN AMRO
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
by the Dutch Government and some parts were sold off. On the 1 July that year the integration was officially completed and the Fortis name ended.
Former subsidiaries
- Fortis Commercial Finance (FCF)
- Finodis
- MeesPierson - private bank
- Intertrust GroupIntertrust GroupIntertrust Group is one of the largest providers of Trust and Corporate Services in the world. Intertrust operates with more than 1,000 employees worldwide in over 20 countries...
, formerly known as Fortis Intertrust
See also
- Fortis (finance)Fortis (finance)Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
- ABN AMRO Group
- BNP Paribas FortisBNP Paribas FortisBNP Paribas Fortis is the commercial name of Fortis Bank S.A./N.V., an international bank with its focus in Belgium since the purchase of 75% of the shares of the bank by BNP Paribas. It was formerly, together with Fortis Bank Nederland, the banking arm of Fortis...