At the beginning of 2005, Fortis announced its intention to withdraw from
Belgolaise, its banking subsidiary operating in sub-Saharan Africa. Fortis
was approached by several potential buyers. However, no offer made would
have enabled Belgolaise to pursue its activities under terms and conditions
favourable to its customers and staff.
With the agreement of Belgolaise's statutory bodies, Fortis therefore decided
at end-August 2005 to put an end to negotiations with the potential buyers
that had submitted offers. As a result, the Belgolaise Management Committee
was given the task of gradually winding up the bank's activities in line
with Fortis's strategy and organisational principles.
The key features of this reorganisation are as follows :
integration within Fortis Bank of those activities forming part of
Fortis business lines, such as the financing of international trade,
asset management and dealing room activities;
continuation of the plan to divest the network of African holdings;
the discontinuation of non-strategic activities.
The reorganisation is fully in line with Fortis's strategy. Indeed, Belgolaise
previously represented a geographical exception to Fortis Bank's transnational
organisation by business line.
