Dutch finance minister Wouter Bos had an emergency meeting with the Dutch Central Bank (DNB) management in Amsterdam to discuss the future of Dutch-Belgian bank and insurance company Fortis, it was reported yesterday.
Bos was seen leaving the DNB premises early yesterday morning.
The meeting started late on Saturday.
DNB chief Nout Wellink, also a European Central Bank governing council member, reportedly canceled a Chicago trip to return to the Netherlands.
On Saturday, the Dutch financial daily Het Financieele Dagblad reported that ABN AMRO Bank Netherlands, which was formally taken over by Fortis last October but will operate as an autonomous banking unit within Fortis until late next year, may be sold.
Belgian television VRT reported on Saturday that a “drastic measure” might be taken for Fortis.
Citing unnamed sources, Het Financieele Dagblad reported yesterday that BNP Paribas was a potentially interested buyer for all of Fortis or just ABN and that Dutch rivals ING or Rabobank might be eyeing Fortis’ private banking business.
The banking and insurance group went out of its way on Friday to reassure investors that it was solvent and in no danger of collapse following market talk the company could become another casualty of the credit crisis.
As its shares plummeted more than 20 percent to 15 year-lows on Friday, Fortis called an emergency news conference to say its position was strong and that it would expand asset sales to as much as 10 billion euros (US$14.6 billion) to raise cash.
The bank said “only 3 percent” of its funding from private customers — equal to some 5 billion euros in savings — had been withdrawn from the bank in the past weeks.
Fortis is hoping to announce deals to sell off parts of its business by today in an attempt to show investors it can raise cash and restore confidence in the business, while buyers for the business may emerge over the weekend, media reported.
After a fifth straight day of share declines, Fortis also named a new chief executive, nominating banking chief Filip Dierckx, 52, to replace interim CEO Herman Verwilst.
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