This weekend emergency consultations are planned between Fortis, Finance Minister Didier Reynders (Francophone liberal), the National bank, the Belgian bank commission and other Belgian banking groups.
The Fortis board on Friday unanimously decided to appoint Mr Dierckx. Fortis chairman Maurice Lippens said that given his experience and knowledge of the company the board was pleased the new CEO was prepared to take on this new challenge.
The Fortis board on Friday unanimously decided to appoint Mr Dierckx. Fortis chairman Maurice Lippens said that given his experience and knowledge of the company the board was pleased the new CEO was prepared to take on this new challenge.
Mr Dierckx is 52 and takes over from Herman Verwilst, who was propelled to the top job as a caretaker after Jean-Paul Votron resigned.
Mr Votron stands accused of taking a number of controversial decisions that allowed the group's share to plummet on the stock market.
Under his tenure Fortis took part in the takeover of the Dutch banking group ABN Amro together with Britain's RBS and Banco Santander of Spain.
An additional capital enhancement operation was required to allow the operation to proceed.
Mr Votron stands accused of taking a number of controversial decisions that allowed the group's share to plummet on the stock market.
Under his tenure Fortis took part in the takeover of the Dutch banking group ABN Amro together with Britain's RBS and Banco Santander of Spain.
An additional capital enhancement operation was required to allow the operation to proceed.
Dierckx is no stranger to Fortis
Since the beginning of the year Mr Dierckx has been the President of Fortis's banking division.
He also formed part of the management of the Fortis group.
Mr Dierckx was installed as CEO with full powers on Friday, but his appointment will have to receive the go ahead from a shareholders' meeting.
Challenges facing Fortis include the integration of ABN Amro, restoring confidence in the financial group and shoring up Fortis's share value.
He also formed part of the management of the Fortis group.
Mr Dierckx was installed as CEO with full powers on Friday, but his appointment will have to receive the go ahead from a shareholders' meeting.
Challenges facing Fortis include the integration of ABN Amro, restoring confidence in the financial group and shoring up Fortis's share value.
"Make or break"
Paul Huybrechts, the President of the Flemish Federation of Investment Clubs, says it's make or break for Fortis.
Mr Huybrechts insists that the appointment of a new CEO is Fortis's ultimate chance to reverse the downward spiral of the share’s value on the stock exchange.
He continues:” the Fortis board replaced Mr Verwilst with immediate effect. He's being succeeded by a younger guy, Mr Dierckx, but Dierckx was already in practice the top man at the bank.
He's also the fourth CEO at Fortis in so many years. I don't think that operation can be repeated."
Mr Huybrechts insists that the appointment of a new CEO is Fortis's ultimate chance to reverse the downward spiral of the share’s value on the stock exchange.
He continues:” the Fortis board replaced Mr Verwilst with immediate effect. He's being succeeded by a younger guy, Mr Dierckx, but Dierckx was already in practice the top man at the bank.
He's also the fourth CEO at Fortis in so many years. I don't think that operation can be repeated."
This weekend consultations are planned between Fortis, Finance Minister Didier Reynders (Francophone liberal), the National bank and other Belgian banking groups.
Hein Lannoy of the Banking Commission says the consultations are taking part together with regulators and the government.
"The bank's share has lost a lot of value. We now need to look for a solution for the bank calmly."
Hein Lannoy of the Banking Commission says the consultations are taking part together with regulators and the government.
"The bank's share has lost a lot of value. We now need to look for a solution for the bank calmly."
