Chief executive moves to reassure brokers after parent bank's rescue.
Fortis UK chief executive Barry Smith moved to reassure the market after his parent company, banking giant Fortis, had to be rescued by three European governments.
He told Insurance Times: “There is no change, it is business as usual. We have had capital injected from Belgium and these actions have been taken to ensure strength and stability. We are a separately domiciled and regulated, entity with a strong business.”
Smith added: “Our clients have been fantastic and we’ve been very visible to them. I want to reassure brokers that it is business as usual and I plan on being in touch with [Biba chief executive] Eric Galbraith to help convey this message.”
The Fortis banking group was given a €11.2bn (£8.9bn) capital boost from governments in Belgium, Luxembourg and the Netherlands on Monday. Chairman Maurice Lippens resigned as part of the deal.
Fortis also announced that it would sell its interest in ABN Amro, which it purchased last year for €40bn.
