Friday November 14, 09:05 PM
Remaining Fortis records 3rd quarter net loss of 135 mln euros
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THE HAGUE (AFP) - Now dismantled and partly nationalised former Belgian-Dutch banking group Fortis (Amsterdam: FORAL.AS - news) reported a third quarter net loss Friday of 135 million euros (172 million dollars) for its remaining concerns.
Following recent changes to its structure, Fortis decided not to publish third quarter results for the period ending September, issuing instead an interim management statement to allow it to comply with European transparency rules.
"Fortis, like all financial institutions, has been confronted with a systemic financial crisis of ever-growing, unparalleled proportions," it said.
Hard hit by the global financial crisis, Fortis was dismantled earlier this month, with its Dutch assets nationalised by the Netherlands government for 16.8 billion euros and its Belgian and Luxembourg activities sold to French bank BNP Paribas (Paris: FR0000131104 - news) .
The statement issued Friday contained unaudited figures for the Fortis Group in its new form, which comprises the General Account (the holding and finance companies) and Fortis Insurance International (excluding Fortis Corporate Insurance).
"Under current market conditions, additional write-downs and capital losses are expected to be recorded in the fourth quarter 2008."
Fortis would publish its full 2008 results in March next year.
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