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Fortis: Fortis Group
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The Fortis Group, which is headquartered in Brussels, Belgium, is a global financial organization that has leading practices in all facets of banking and insurance. As of December 31, 2005, the Fortis Group had total assets of 729 billion Euros and more than 54,000 employees. In Fortune Magazine's July 2005 rankings, the Fortis Group was ranked 2nd among the world's largest financial institutions based on total revenues. The Fortis Group's banking subsidiaries carry AA- / Aa3 ratings by S&P and Moody's, respectively.
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Fortis is an international group operating in the fields of insurance, banking and investments. Throughout the companies of the Fortis group, there has been a continual drive to tune business processes for the delivery of more effective and more profitable service. Fortis have been particularly keen adopters of work management technologies in the treatment of loans and credits to commercial customers.
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Fortis Merchant & Private Banking provides high-value tailor-made services to medium-sized companies, large corporate and institutional clients and wealthy individuals, combining merchant and private banking into a unique service concept. Thanks to an integrated network, the Business combines the strength of an international group with local expertise and proximity. It provides a wide spectrum of innovative and skill-driven solutions geared to clients' specific financial needs, in their home country or abroad. Dedicated Relationship Managers coordinate all banking facilities and can call on specialists in all fields. This combination of client knowledge, expertise, state-of-the-art solutions and global presence is a key driver of Fortis's growth strategy. More information is available at: http://www.merchantandprivatebanking.fortis.com/.
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From credit cards to trailer parks, Assurant (formerly known as Fortis, Inc.) provides a range of specialty insurance products. Through Assurant Solutions and Assurant Specialty Property the company offers such products as credit insurance, manufactured home coverage, creditor-placed homeowners insurance, and extended warranties for electronics, appliances, and vehicles. Individuals and small employer groups can choose from several types of health coverage offered by Assurant Health, while group life, dental, and disability products are available through the Assurant Employee Benefits segment. Assurant ... offers preneed funeral policies. The company was spun off by Fortis in 2004 and is now publicly traded.
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In addition to acquiring a retail bank in Poland, Fortis acquired 89.3% of the shares of Turkey's fifth largest privately owned bank Dışbank from Doğan Group on 11 April 2005. Considering the outstanding public shares, the total bid is approximately €985 million. From 28 November 2005 on, the network of 173 branches of Dışbank was rebranded Fortis.
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News of the offering comes as the consortium, which includes Santander of Spain and Fortis, the Belgo-Dutch group, is moving closer to victory in its €71bn break-up bid for the Dutch bank. Investors have until October 5 to accept the offer, which is worth significantly more than a rival bid by Barclays, the UK banking group.
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