Belgian bancassurer Fortis – brought
to within a whisper of bankruptcy last year – has announced the
outcome of its strategic review after a five-month process which
began just before the acquisition of Fortis Bank by France’s BNP
Paribas in May.
According to the group, Fortis is now in a
“strong position to prosper as an international insurance group”,
with further expansion to be explored principally through
partnerships with distributors such as UBI Banca in Italy and Tesco
in the UK (see RBI 619), though the
group said it would focus principally on improving the
profitability of its existing operations.
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Fortis will streamline its current portfolio
to ensure all businesses are able to reach a critical size and make
a meaningful contribution to earnings.
The group said it remained confident in the
strength of a multi-channel distribution model at home and
abroad.
It added that it had also begun the process of
developing a new brand name due to the fact that the acquisition of
the Fortis brand name by BNP Paribas means it can only use the
Fortis brand until May 2011.
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