Fortis Gets Chinese Capital Injection
In November, Ping An Insurance (Group) Co., China's second-biggest insurer, bought 4.2% of Fortis for $2.7 billion,
helping the Belgian company increase its dwindling capital base, after $2.7 billion of asset writedowns.
Today, Ping An agreed to buy half of Fortis's asset-management unit for $3.4 billion, Ping An and now owns 5% of the company.
Fortis said it will fully indemnify Ping An against "any impairment" on the asset management's unit CDO collateralized debt and loan obligations.
helping the Belgian company increase its dwindling capital base, after $2.7 billion of asset writedowns.
Today, Ping An agreed to buy half of Fortis's asset-management unit for $3.4 billion, Ping An and now owns 5% of the company.
Fortis said it will fully indemnify Ping An against "any impairment" on the asset management's unit CDO collateralized debt and loan obligations.
Comments