Fortis Press Release: Fortis adopts environmental and social criteria for project financing

For the full report go to the Fortis Press Release

Fortis has adopted the Equator Principles – guidelines for responsible project financing. Fortis will apply the principles globally to project finance for all industry sectors. Fortis background: Fortis is a European international financial-services provider engaged in banking and insurance. The company offers private, business and institutional clients a comprehensive package of products and services through their own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 33 billion, Fortis ranks among the twenty largest financial institutions in Europe. They are considered to have a sound solvency position, operate in 44 countries and have a professional workforce of 56,000, enabling them to combine global strength with local flexibility and able to provide their clients optimum support. Chairman is Maurice Lippens. He has been a Board Member since 1981. Jean-Paul Votron has been CEO of Fortis since 11 October 2004.

Fortis occupies a leading position in banking and insurance in the Benelux countries. It offers internationally operating companies throughout Europe an integrated network and provides wealthy individuals and business people with advanced services based on a unique set of competences. Fortis’s expertise in niche markets such as shipping, commodities, export and project finance and fund administration has made it a regional or world leader in those areas. Fortis also provides retail-banking services in France, Poland and Turkey. Lastly, Fortis successfully combines its banking and insurance expertise in growth markets in Europe and Asia and leads the bancassurance markets in Spain and Portugal.N.V. AMEV, a large Dutch insurer, and VSB, a Dutch bank, merged their operations in 1990. They were joined later that same year by AG Group – a large Belgian insurer – to complete the first cross-border financial merger. AG Group boasted a strong position in the Belgian insurance market at the time and was market leader in a variety of sectors. However, the international spread of its Operations was fairly limited and its banking interests were minimal, whereas N.V. AMEV was able to contribute a pretty strong position in the Dutch and the international insurance markets.

Fortis has grown substantially since its inception, thanks to both organic growth and acquisitions. Banking operations were strengthened by a series of takeovers. The group has also disposed of several businesses in keeping with its international strategy.