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Publicatie datum
29 nov 2007 - 01:33
Statutaire naam
Ageas N.V.
Titel
Fortis welcomes Ping An as a key shareholder
Bericht
Louis CHEUNG Chi Yan, Executive Director & Group President of Ping An proposed as member of Fortis’s Board
Fortis SA/NV and Fortis N.V. (jointly “Fortis”) and Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “Ping An Group”) today jointly announced that, as at closing of trading hours on Euronext Brussels and Amsterdam on 28 November 2007, Ping An Life Insurance Company of China, Ltd. (“Ping An Life”), a subsidiary of Ping An Group, owns approximately 4.18% stake in Fortis. The shares have been purchased through the secondary market, and Ping An Life becomes the single largest shareholder of Fortis.
In line with its strategy to grow outside of the Benelux, and with a view to deepening its understanding of the increasingly important Asian markets, the Fortis Board of Directors has invited Louis CHEUNG Chi Yan, Executive Director & Group President of Ping An, to become member of the Board, upon approval by the General Meetings of Shareholders in April 2008, which is subject to customary regulatory non-objection process in Belgium. Separately, the parties may explore co-operations in some of their activities.
Senior management of both companies expect significant long term advantages to accrue to both parties. The investment in Fortis as part of Ping An’s ordinary course of business using its insurance fund allows Ping An to further optimize its global asset allocation and enhance the prospects of achieving a higher investment return. For Fortis, the investment by Ping An provides it with a stable shareholder and allows it to gain enhanced access to high-growth markets, in particular China.
Mr. Peter MA Mingzhe, Ping An's Chairman and CEO said, “The investment is a major milestone for China's insurance industry. Our decision to invest in Fortis reflects our strong belief in and support for their strategy, and will improve Ping An’s competitiveness and allow it to achieve a faster rate of sustainable growth, and encourage innovation in the use of in
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