Fortis welcomes Ping An as a key shareholder - Additional information
On 28 November 2007, after the closing of trading hours on Euronext
Brussels and Amsterdam, Ping An and Fortis entered into an agreement
setting forth the rules applicable to Ping An's shareholding in
This agreement, concluded for an initial term of three years and
which results in an action in concert between Ping An and Fortis,
provides, in particular, that (i) Ping An will be entitled to make a
proposal for the appointment of one non-executive director to the
Fortis Board, as long as Ping An will hold at least 4% of the Fortis
Shares Capital, and that (ii) Ping An may acquire up to 4,99% of the
capital of Fortis and may acquire Fortis Shares exceeding such
threshold subject to the prior consent of the Fortis Board (except if
another shareholder acquires, with the support of Fortis' Board of
Directors, a shareholding in Fortis greater than the shareholding
held by Ping An in which case Ping All is authorized to buy
additional interest in Fortis to match such greater shareholding).
Fortis further agreed to assist Ping An in reaching and maintaining
such level of shareholding, to the exclusion of any acquisition of
control over Fortis, Ping An having confirmed that it does not intend
to acquire such control.
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.
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