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BRUSSELS : Belgium was Saturday mulling the future of Fortis, amid speculation that total nationalisation of the Belgian part of the troubled banking group or sales of assets to BNP Paribas were on the cards.
Belgian Prime Minister Yves Leterme, who held informal government budget talks in Brussels, said there might be an announcement within hours on the "capitalisation of Fortis," local television reported, the day after the Dutch government nationalised Fortis' Dutch assets.
The Dutch government's move overtook an announcement five days earlier by Belgium, the Netherlands and Luxembourg of a 11.2 billion euro part nationalisation to prevent the US-driven financial crisis from claiming another victim in Europe.
Under the hastily arranged rescue deal, Belgium made the biggest contribution, taking a 49 percent stake in the Belgian arm of the company, Fortis Bank NV/SA, for 4.7 billion euros.
The Belgian press reported the Belgian-Luxembourg banking group, freed from the Dutch arm, could be nationalised over the weekend or that French bank BNP Paribas, which had earlier shown an interest, or another bank should buy up its non-nationalised majority.
"We are going to take a certain number of other strategic decisions for Fortis," Leterme said Friday as the Dutch move was announced.
Leterme has described the dismantling of Fortis, via the Dutch government intervention, as a "win-win situation" for Belgium, explaining that the country had been providing a 45 billion euro credit facility to keep the Dutch operations going.
Le Soir newspaper reported that BNP Paribas officials were remaining in the Belgian capital for talks over the weekend.
A Belgian government source when asked about this report replied: "it's a nice day to be in Brussels."
A BNP Paribas spokesman in Paris refused to comment on the rumours.
La Libre Belgique paper mentioned French bank Societe Generale as also being interested in Fortis.
Luxembourg's Economy Minister Jeannot Krecke told Luxembourg's RTL radio that his country was seeking a strong partner.
The Luxembourg government has never intended to become a long-term shareholder, he said.
The Luxembourg minister added that he expected a decision on the future of Fortis to be made over the weekend, citing BNP Paribas as one of the possible interested parties.
In general commentators spoke of several possible scenarios for a further Fortis bailout; full nationalisation of the Belgian operation, sale of part to a major bank or, eventually, a full buy-out by BNP Paribas or another enterprise.
Fortis, caught up in the US-born international financial crisis, has seen nearly 70 percent of its share value wiped out this year.
- AFP /ls
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