BRUSSELS: Belgian-Dutch financial holding group Fortis said Tuesday it made a net loss last year of 28 billion euros (37 billion dollars), larger than the 22.5 billion euros forecast in mid-March.
"The loss in 2008 was due to the 27.4 billion euro negative result of discontinued operations, caused by the loss on sale of the banking activities," it said in a statement.
The bank had made net profits of four billion euros in 2007.
It was broken up last October as a major casualty of the global financial crisis. The Dutch state took over its Dutch banking assets and Belgium took the Belgian assets, planning to sell them to French bank BNP Paribas in a move that is being hotly contested by shareholders.
"The loss in 2008 was due to the 27.4 billion euro negative result of discontinued operations, caused by the loss on sale of the banking activities," it said in a statement.
The bank had made net profits of four billion euros in 2007.
It was broken up last October as a major casualty of the global financial crisis. The Dutch state took over its Dutch banking assets and Belgium took the Belgian assets, planning to sell them to French bank BNP Paribas in a move that is being hotly contested by shareholders.
The net profit for the year from the company's insurance activities in Belium was six million euros, it said. It broke even in its international insurance operations but losses on investments weighed on its books.
"The operational results of our insurance companies were satisfactory taking into consideration the market turbulence and the uncertainty surrounding Fortis," Chief exective Karel De Boeck said in the statemente.
"Total gross inflows were 14.6 billion euros despite challenging market conditions," he said.
Boeck added that a new deal being drawn up for the sale to BNP Paribas, which is to be put before shareholders at a meeting on April 8 and 9, "will provide a strong foundation for the future."
"The operational results of our insurance companies were satisfactory taking into consideration the market turbulence and the uncertainty surrounding Fortis," Chief exective Karel De Boeck said in the statemente.
"Total gross inflows were 14.6 billion euros despite challenging market conditions," he said.
Boeck added that a new deal being drawn up for the sale to BNP Paribas, which is to be put before shareholders at a meeting on April 8 and 9, "will provide a strong foundation for the future."
Source: www.timesofindia.com
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