Fortis finalises the sale of its holding in its Spanish joint
venture, CaiFor, to "la Caixa"
Fortis announces that it has finalised the sale of its interests in
the Spanish bancassurance joint venture, CaiFor, (i.e. 50% in CaiFor
and 20% in SegurCaixa) to "la Caixa", for a total cash consideration
of EUR 980 million, including 2007 interim dividend of EUR 30
Fortis and "la Caixa" had announced in July that they had mutually
decided to end their CaiFor joint venture after 15 years of fruitful
This transaction generates, in the 4th quarter of 2007, a gain of EUR
950 million after tax.
Gilbert Mittler, CFO of Fortis, comments: "The timing of this
transaction fits perfectly with Fortis's acquisition of parts of ABN
AMRO. As announced earlier, the proceeds of this divestment, not only
contribute to the financing of the acquisition, but also reinforce
our solvency position".
Fortis is an international financial services provider engaged in
banking and insurance. We offer our personal, business and
institutional customers a comprehensive package of products and
services through our own channels, in collaboration with
intermediaries and through other distribution partners. With a market
capitalisation of EUR 48.5 billion (31/10/2007), Fortis ranks among
the 15 largest financial institutions in Europe. Our sound solvency
position, our presence in over 50 countries and our dedicated,
professional workforce of 60,000 enable us to combine global strength
with local flexibility and provide our clients with optimum support.
More information is available at www.fortis.com.
For more information:
Brussels: +32 (0)2 565 35 84 Utrecht: +31 (0)30 226 32 19
Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66