With its parent Fortis Group in Belgium, Holland and Luxembourg requiring a cash injection of €11.2bn from the three Benelux governments, Fortis Guernsey has had to shelve its plan to expand into Jersey.
Fortis, which will now effectively be part-nationalised, is selling its recently acquired interest in ABN Amro as part of a cash-raising measure after it became the latest major institution to suffer as a result of the global credit crunch, with its shares falling to 15-year lows last week. Fortis Guernsey had hoped to become a pan-Channel Islands operation through the acquisition of ABN’s business in Jersey, but this will now be sold off with the rest of the ABN portfolio. “We have had to change our plans but this does not affect our longer-term ambitions for a dual Channel Islands cap...
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