Fortis jumped to a Five Year high (rose to fifteen percent, before stabilizing at 8.1 percent), after stating that the company will meet all solvency requirements, in spite of the subprime related debt obligations. Petercam analyst Ton Gietman mentioned that this report is comforting, though issued a little late. After taking in the impairments, a profit of Four Billion Euros (approximately USD 5.9 Billion) is expected for the full year.
The company spokesperson said that they were fully on track in implementing the twenty four Billion Euro financing plan for ABN AMRO acquisition. Last year October, Fortis along with Banco Santander and Royal Bank of Scotland announced that their offer of eighty six percent of outstanding ABN AMRO stock was accepted, which resulted in one of the biggest financial transactions ever. Mark Fischer from Royal Bank of Scotland was appointed as the CEO. Banco Santander, with a market capitalization of EUR 88,436 is world's 12th largest financial group.
Fortis has announced the 2009 dates for publication of results, AGM and dividents. Annual results will be available on March ninth 2009. The annual General meeting will take place on twenty ninth April 2009.
Links mentioned in this article : Royal Bank of Scotland , Banco Santander
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