THE BORE

General => The Superdeep Borehole => Topic started by: Tieno on September 28, 2008, 06:22:34 AM

Title: Fortis Bank on shaky ground
Post by: Tieno on September 28, 2008, 06:22:34 AM: Fortis is the biggest bank of the BeNeLux region and the shares have dropped to around 5euros or something (35euro last year). They were a healthy and profitable bank, but their mistake was buying dutch bank ABN-Amro for too much money, in cash and with money they didn't have at the time. Coffers were empty and then the financial crisis started/got worse and now they're struggling. Had they not bought ABN-Amro they would have been fine. Now it's either going to be nationalized (unlikely), or bought by ING or BNP Paribas. Either the financial corporate world will become a duopoly in Belgium, with IGN and KBC or Fortis will be bought by the french BNP, which is also bad.

I have a Fortis account, but luckily I don't nearly have 20.000euros (I wish) in the bank so all of that is insured if they'd over topple over which is still very unlikely they say.
Title: Re: Fortis Bank on shaky ground
Post by: Reb on September 28, 2008, 07:52:57 AM: I have a multiple of 20.000, I'm so screwed when the dutch banks start collapsing...
Title: Re: Fortis Bank on shaky ground
Post by: Kestastrophe on September 28, 2008, 08:00:14 AM: Wasn't their CEO ousted just a few hours after addressing the public that there was nothing to worry about? :lol
Title: Re: Fortis Bank on shaky ground
Post by: Tieno on September 28, 2008, 08:05:20 AM: Quote from: Rebiak on September 28, 2008, 07:52:57 AM
I have a multiple of 20.000, I'm so screwed when the dutch banks start collapsing...
In Holland it's 40k euros, I think. But that's a big if.
Quote from: Kestastrophe on September 28, 2008, 08:00:14 AM
Wasn't their CEO ousted just a few hours after addressing the public that there was nothing to worry about? :lol
Well, days. But the replacement of that CEO has been fired a few days ago too.
Title: Re: Fortis Bank on shaky ground
Post by: Kestastrophe on September 28, 2008, 08:10:12 AM: Quote from: Tieno on September 28, 2008, 08:05:20 AM
Quote from: Kestastrophe on September 28, 2008, 08:00:14 AM
Wasn't their CEO ousted just a few hours after addressing the public that there was nothing to worry about? :lol
Well, days. But the replacement of that CEO has been fired a few days ago too.

This is what I was speaking of:

Quote from: Wall St. Journal
With its shares tumbling, Dutch bank Fortis NV replaced its interim chief executive just hours after he tried unsuccessfully to reassure investors that the bank remains on sound footing.
Title: Re: Fortis Bank on shaky ground
Post by: Reb on September 28, 2008, 08:15:23 AM: The "Depositogarantiestelsel" covers 20.000 100%, the next 20.000 for 90%. I need to spread my money. :(
Title: Re: Fortis Bank on shaky ground
Post by: Tieno on September 28, 2008, 01:29:04 PM: lol, I just heard half of the Belgium homes are Fortis client...largest private employer
Title: Re: Fortis Bank on shaky ground
Post by: Joe Molotov on September 28, 2008, 03:33:45 PM: Quote from: Rebiak on September 28, 2008, 08:15:23 AM
The "Depositogarantiestelsel" covers 20.000 100%, the next 20.000 for 90%. I need to spread my money. :(

BANK RUN!
Title: Re: Fortis Bank on shaky ground
Post by: Tieno on September 28, 2008, 03:41:26 PM: Just in
ING will buy ABN-Amro from Fortis for 10billion euros, just a few months ago Fortis payed 24billion euros for ABN-Amro (lolololol)
Besides that, Belgium will invest 5billion euros and Luxembourg will invest 2-2.5billion euros into Fortis.
Count Maurice Lippens will step down as chairman of the board.
http://www.standaard.be/Artikel/Detail.aspx?artikelId=DMF28092008_054&kanaalid=9
Title: Re: Fortis Bank on shaky ground
Post by: Reb on September 28, 2008, 04:08:33 PM: Oh shit, nice deal for ING.