Filip Dierckx, CEO of Fortis, announced the takeover by the Belgian government which will eventually followed by BNP Paribas taking a 75% share in the company. The takeover entails the banking activities of Fortis Bank and those of Fortis Insurance Belgium.

A step-by-step plan will be implemented with strict deadlines:

• Since 28 September 2008, the Belgian state has owned 49,93% of Fortis Bank NV/SA. They will also buy the remaining 50% + 1 share of the Fortis Group.
• The Belgian state will thus own 100% of Fortis Bank NV/SA. The Belgian state will retain a 25% blocking minority.
• The Belgian state will pay the Fortis Group 4,7 billion EUR in cash for a 50% share in Fortis Bank NV/SA.

Furthermore, BNP Paribas will acquire 100% of Fortis Insurance Belgium for a total amount of 5.73 billion EUR in cash, subject to final closing adjustment. A portfolio of structured products with fair value of 10.4 billion EUR is transferred by Fortis Bank to a separately managed entity jointly owned by the Fortis Group (66%), the Belgian state (24%) and BNP Paribas (10%).