Dresdner Kleinwort has said that Fortis (Belgium's largest Financial Institution), may announce further writedowns on subprime related assets ( home equity loans and mortgage backed securities ). The repercussion was immediately felt in Japan, where the largest and second largest banks ( Mitsubishi UFJ & Sumitomo Mitsui ) both lost 2.7 percent. The ratings on the stock has been changed to "ADD" (from "BUY").
Fortis ( Chairman : Maurice Lippen, CEO : Jean-Paul Votron ) is among the top twenty financial institutions in Europe with a market cap of Forty Three Billion Euros. The group has presence in over fifty countries and has a workforce of 60000. Fortis has extensive presence in the Benelux area , considered as one of wealthiest in Europe.
Here's an interesting tidbit : Fortis has been in Financial Services for nearly three hundred years and financed United States' puchase of Louisiana from napoleon !!!
Links mentioned in this article : Fortis , Dresdner Kleinwort
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