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Fortis to Incorporate in China for Private Banking [DO NOT EDIT]

Stephen Harris

2 June 2008

Fortis Group is planning to incorporate in China to offer private banking and other services to individuals, according to a report in the South China Morning Post, citing Lex Kloosterman, a member of the bank’s executive committee.

“Clearly, we expect our growth to be very much led by Greater China,” he was reported as saying.

Fortis is currently integrating ABN Amro’s private client business which it acquired last year as part of the consortium, including RBS and Spain’s Santander, of which it was the third member.

Asia will account for $30 billion of the total assets under management of $340 billion that will be overseen by the new entity, to be renamed Fortis Private Banking.