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"Fortis is an international financial services provider active in the fields of banking and insurance. The company offers its private, business and institutional customers a comprehensive package of products and services through its own distribution channels, in cooperation with intermediaries and through other distribution partners. Its multi-channel distribution strategy gives Fortis the flexibility to meet its customers' needs for optimum availability and user-friendliness.

Fortis insurance occupies a leading position in all market segments in the Benelux countries. It offers internationally operating companies throughout Europe an integrated network and provides wealthy individuals and businesspeople with advanced services based on a unique set of competences. Fortis's expertise in niche markets such as shipping, commodity, export and project finance and fund administration has made the company a regional or world leader in these areas. Fortis also successfully combines its banking and insurance expertise in growth markets in Europe and Asia and leads the markets in Spain and Portugal.

Boasting a market capitalisation of EUR 31.4 billion (31/07/2005) and total assets of EUR 718 billion, Fortis ranks among the twenty largest financial institutions in Europe. Its sound solvency position, broad risk spread and ambitious, professional workforce of over 51,000 enable Fortis to combine global strength with local flexibility to provide optimum support to its customers.

Fortis insurance is listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme in the United States.

The European financial landscape is undergoing some structural changes, which should bring growth opportunities in the near future. In the retail market, major obstacles are gradually being removed, which may change the composition of local markets. Here too, cross-border opportunities will emerge. Changing consumer behaviour and new distribution channels should bring -higher growth margins. Such margins can mainly be found in new markets like Central and Eastern Europe, including Turkey.

Both enterprises and institutional customers are continually scaling up their operations. This too will lead to an integrated European or world market, offering cross-border opportunities in areas such as leasing, factoring and employee benefits.

In order to play a significant role in this evolving market, Fortis revised its ambitions and corporate strategy at the start of 2005. It wants to become one of Europe's top financial institutions within the next five years and one that is competitive worldwide. Accelerated growth therefore takes first priority, with the enlarged EU as the home market and the focus on selective expansion opportunities in Asia and North America.

Fortis will strengthen its position in the retail markets of the Benelux countries and other EU states where it is already present and will expand its existing channels. An even more intense interaction between the banking and the insurance business, including cross-border, should boost growth further. Strategic acquisitions should also augment the channels. The insurance arm should continue to grow in its specific market segments by means of innovation, an improved level of service to both bank branches and insurance intermediaries, and cost control.

Outside the Benelux countries, Commercial & Private Banking will lead the way with expansion. Business centres will be opened in the new member states of the EU and private and commercial banking will work together even more intensely. Merchant Banking will continue to invest in selected customer and product segments, including the United States. Fortis will also make every effort to expand its bancassurance model in Europe and Asia.

In order to provide the customer with better service, Fortis has laid down some growth-orientated organisational principles in its corporate strategy.

Fortis has decided on a new commercially orientated organisational structure, with both business-specific and geographical (Europe, Asia and America) areas of responsibility. Fortis's activities have been divided into six businesses : Retail Banking, Commercial & Private Banking, Merchant Banking, Insurance Belgium, Insurance Netherlands and Insurance International. Three regional co-ordinators are responsible for co-ordinating Fortis's international expansion in respectively Europe, Asia and North America The knowledge and experience gained in the Benelux countries will thus be fully deployed to ensure cross-business synergies outside those countries.

To support the growth of the businesses, the control, operational and support functions need to be integrated and managed at the level of the Executive Committee. The Chief Operating Officer is responsible for ensuring that these horizontal functions (IT, HR, purchasing, facility management, legal affairs and compliance, risk management and operations) operate in a coherent way with a focus on performance, by securing cross-border and cross-business synergy and driving up the efficiency of the technical and operational processes.

The Chief Institutional Relations , also a member of the Executive Committee, is responsible for contacts at the highest level with our most important customers and shareholders, European and international organisations and local administrations in the countries where Fortis is active or wishes to invest. He also maintains the necessary contacts with the regulators.

This new growth-oriented organisational structure will enable Fortis insurance to derive maximum profitability from its existing markets and activities, to expand internationally and to elicit synergies between businesses. To spur expansion still further, within the next two years Fortis will switch to one global brand with a distinct identity based on the Fortis values: stable (reliable), caring (customer-focused), innovative (pioneering) and straightforward (open)." - fortis.com