At a press conference Friday CEP Herman Verwilst stressed, "The current share price does not reflect the value of our company." Since January Fortis shares have lost more than two-thirds of their value. The CEO said he was "flabbergasted".
"No bank clients will be left in the cold"
PM Leterme also gave a press conference. He called on investors to remain calm and promised that customers would not lose their money in any case.
The Finance Minister stressed that the bank had, "Absolutely no solvency problems." He said no bank clients would be "left in the cold".
PM Leterme said that the government would follow the evolution of Fortis. The Belgian Commission of Bank and Financial Institutions is investigating whether false rumours were spread about Fortis, leading to the drastic drop in share price. The commission will report directly to Finance Minister Reynders.
Fortis to sell more assets than planned
At the press conference CEO Herman Verwilst confirmed that Fortis would sell more assets than originally planned. He said the group could divest a wider range of activities to raise 5 to 10 billion Euro. No further details were given on the activities Fortis will sell.