Insurance News: Fortis Insurance is still 100% Owned by Group

Insurance News

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Tuesday, 7 October 2008

Fortis Insurance is still 100% Owned by Group

Fortis Group has clarified that it still maintains 100% ownership in Fortis Insurance Internation NV, after the recent sale of Fortis banking and Belgian insurance activities in Europe.

Mayban Fortis - the insurance and takaful unit of Maybank, continues to be owned by Maybank (69.05%) and Fortis Insurance International (30.05%).

Fortis Insurance International's other insurance activities:

Wholly owned: UK, France, Hong Kong
Joint ventures: Luxembourg, Portugal, China, Malaysia, India and Thailand

In related news, BNP Paribas has scooped up Fortis' assets in Belgium and Luxembourg after paying US$20.1 bil. BNP will get 75% of Fortis Bank Belgium and Belgian insurance operations, and 66% of Fortis Bank Luxembourg.

Source: Business Times, The Star

Labels: Mayban Fortis, Merger