Belgolaise has commenced the gradual winding-up of its activities.
The London branch was closed on 15 June 2006 and the Paris branch
on 15 October 2006.
In respect of its Brussels head office, Belgolaise sent all its customers
letters on 16 December 2005 and 24 January 2006, inviting them to
perform the procedures needed to establish new banking relations with
another financial institution, to discontinue their relations with
Belgoloaise and to transfer their assets to their new banker.
In a letter of 31 March 2006, Belgolaise then informed the Brussels
head office's customers that it was terminating all agreements and
relations linking the customers to the Bank as well as all services
it offered, with advance notice ending on 30 September 2006. Customers
were sent a reminder on 15 June 2006.
Lastly, on 23 October 2006, Belgolaise advised customers who had not
followed up on these various letters that all their accounts, savings
and securities custody accounts had been closed and the assets recorded
in them transferred to an internal account at the Bank where they
are held at their disposal, without bearing interest or income nor
being associated with any service.
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.
