Fortis said it has scrapped its $3 billion deal to sell half of its asset management business to China’s Ping An Insurance. The deal could not be completed because of "severe market disruption and the ongoing uncertainty in the global capital markets", Fortis said in a statement.

Meanwhile, Fortis has also said the Dutch central bank will not approve the proposed sale of some of Fortis’ ABN Amro assets to Deutsche Bank “until further notice”.

The Dutch central bank “referred to the exceptional circumstances on international financial markets, the uncertainty with regard to the future shareholder in ABN Amro Bank and the implications of this uncertainty for all parties involved”, Fortis said.

Fortis has put a For Sale sign on the bulk of its ABN Amro assets – including its substantial private client business – as part of its move to bolster its financial strength. The proposed sale represents a dramatic U-turn for Fortis, which bought the private client business of ABN Amro in 2007 at the then height of the M&A boom.

Fortis, meanwhile, said it has bought out the remaining minority shareholding in UK-based investment management firm Artemis Asset Management for €397.2 million ($568.6 million). Fortis inherited a 67.1 per cent stake in the company through its acquisition of ABN Amro Asset Management.

"The step-up investment was pursuant to a prior contractual arrangement with Artemis management shareholders," Fortis said.