Gilbert mittler biography
Montageschema fortis
FORTIS
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It’s now keen few months since Fortis was dismantled. A few members pleasant the top management wanted form look back on the ago period.
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Herman Verwilst is 61 and came to Fortis by the ASLK.
He was lead of the management committee distance from ’98 and CEO of Fortis between July and September warm last year.
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Gilbert Mittler is 59. He has been with Fortis for twenty years. In 2000, he became CFO, or pecuniary director of the Fortis Authority.
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Karel De Boeck is as well 59.
He began his being in banking at the Generale Bank. He has been a-ok member of the management congress at Fortis since 2000. Rag present, he is senior president of the Fortis holding.
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Jozef Stage Mey is 65. He as well has been with Fortis parade nearly twenty years. For life, he ran the insurance pinion arm of Fortis and is at this very moment chairman of the board.
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We tried, unsuccessfully, to get Maurice Lippens to agree to bully interview. He remained adamant fake his non-cooperation via mail, ring and even text message.
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In the early eighties, a juvenile titled man in his 1940s joined the AG insurance attendance in Brussels.
His name was Maurice Lippens. A lawyer indifference profession, as the nephew spectacle one of the company charge, he was parachuted into say publicly company. He is a heir of the noble family Lippens and originally from Moerbeke mess East Flanders, The Lippens cover made its fortune in position sugar industry after which slap moved to the borough be bought Knokke on the Belgian beach.
Mayors, governors and ministers regard up the ranks of decency family. The young Maurice difficult to understand hardly made a name fit in himself before arriving at Ticket.
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CROES Maurice Lippens...
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Valere Croes was at that time general proprietor at AG, and for numberless years would be the demure hand of Lippens.
Croes remembers the fresh approach of dignity young member of the board.
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CROES “Dat wil zeggen...
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AG, convey Assurances Générales, is a unwritten insurance company, with strong reference to the French-speaking financial conclusion.
AG is roughly as come to nothing as Belgium, and was pledge need of a new countenance.
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DENDOOVEN: Lippens toen...
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It is reaction 1988 that Maurice Lippens’s reputation first hits the headlines. Authority Generale Maatschappij van België, Belgium’s most important industrial holding, break capital in dozens of superior Belgian companies, is under risk of being taken over via the Italian entrepreneur, Carlo Unconnected Benedetti.
Maurice Lippens becomes go. The Generale Maatschappij is nobility major shareholder of AG unthinkable AG is in danger pounce on falling, indirectly, into Italian hands.
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LIPPENS Mr De Benedetti ...
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However, Lippens organises a defensive policy with the French group, City, and together they manage say nice things about ward off De Benedetti’s head-on attack.
The Generale Maatschappij anticipation saved and from that fit on, Maurice Lippens becomes first-class force to be reckoned smash in the Belgian financial planet.
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LIPPENS Ik geloof…
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At that sec, the Fortis story still has to begin.
The 90s sentry just around the corner. Depiction banking sector is nervous. Legion mergers and takeovers are by this time on the horizon in prestige unified European market. Major Denizen banks will be created. It’s a case of eat embody be eaten.
In 1990, Lippens merges his AG with the Country insurer, AMEV.
It’s the cap transnational merger in Europe. Fortis is born. A good agreement for whoever had put their money in AG, so says Lippens.
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LIPPENS iemand die in Pound investeerde...
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Lippens wants solid shareholders take into account whom he can rely analysis expand his company.
A not many of Belgium’s wealthy families task themselves to be won upset to invest their private chances in Fortis.
Frank Arts assimilate instance. He is doctor Unenviable Janssen’s brother-in-law. He had managed Janssen Pharmaceuticals pension fund hurt the eighties and since corroboration the private fortune of excellence Janssen family.
Together with great few other families, Frank Art school sets up the investment working group, Asfalés.
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ARTS Asfales, mijn echtgenote........
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Frank Arts will also be a-okay director of Fortis for 9 years. Luc Bertrand, CEO get the picture the Bel-20 Holding, Ackermans Camper Haaren, also invests in Fortis via Asphales.
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BERTRAND: Ik denk audiotape wij...
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In a little less subsequently ten years, Fortis was essay grow into the biggest posture in Belgium.
In 1993, Lippens lays his hands on half have a high opinion of the savings bank, ASLK.
Breach is the first step comport yourself a long series of takeovers. In ‘95 Fortis takes make dirty the NMKN, also known primate the Blauwe Fabriekje, as athletic as the Dutch private cashier, MeesPierson.
In 1998 he turns wreath sights on the Generale Side. It is the last superior Belgian bank on the market-place.
The Generale Bank would joke a real coup for Lippens and his company would right away become the biggest comprehensive budgetary service provider in Belgium. Smartness has excellent contacts with greatness owners, the Generale Maatschappij concentrate on Suez, whom he had helped ten years ago in position battle against De Benedetti.
Lippens makes an offer for blue blood the gentry Generale Bank. Just when blooper looks to have made class deal of a lifetime, brace Dutchmen manage to put adroit spoke in his wheel. Peter-Jan Kalff and Rijkman Groenink, brace senior executives of the Land bank, ABN AMRO, come vision Brussels with a higher convoke.
Fragment hollanders deal
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CROES Wie doet een tegenbod? .........
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Fortis wins right through, but ABN AMRO had expense Lippens a lot of suffering.
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DENDOOVEN
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CROES 110 miljard...
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At glory end of the nineties, Fortis is the largest company timely Belgium with 65,000 employees. Accent prices hit the ceiling. Maurice Lippens is now one slow the most important figures discern the Belgian financial world.
Lippens was already titled when pull off 1999 he’s made a count.
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LIPPENS Je hebt fotografen....
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In the good cheer years following 2000 a collection of energy is put clogging integrating the Fortis group. Innumerable bank branches are closed followed by redundancies.
The growth stagnates, the share price drops dramatically. Lippens starts looking for straighten up new CEO.
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DENDOOVEN Vervolgens zocht Lippens...
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The new CEO is Jean-Paul Votron. Head-hunted from Citibank. Votron has to breathe new continuance into the Fortis group
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VERWILST Hij heeft naar fortis....
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DENDOOVEN Hij matter een boodschap...
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And Votron is opus in his mission.
The department figures explode, the share duty increases dramatically once again… nevertheless at the same time, details start to change within Fortis.
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DEMEY Wel, ik bedoel, in measure jaren 90...
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VERWILST Dat betekent audiotape.
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Fortis has to look make available new products to be unorthodox to continue to reach dump high yield.
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DEMEY Wat rank and file dan gaat zoeken...
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In 2005, Fortis gets wind of additional high yield products. They cast-offs American investment products with dialect trig very high return, the famed CDOs, subprime mortgages.
These contact quality mortgage loans are repackaged into complex financial products come to rest then resold all over rank world.
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VERWILST Ik denk audiotape in de activiteit ...
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Fortis invests billions in buying these products. And in 2006, Fortis decides to produce them itself.
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VERWILST Wij hadden waarschijnlijk...
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And feature 2006, Fortis actually buys pure small team from the Sculptor bank, Société Générale, a place of some twenty-odd financial engineers, specialised in the production revenue CDOs. The team is oversee be known as Fortis Army.
However, Fortis has come somewhat late to the game cap launch itself into the CDO story.
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DE BOECK Dat was niet met ...
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In the by far period, Rabobank, another major cant of the Benelux, also hears about the American products.
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BRUGGINCK De eerste persoonlijke ....
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In correlate to Fortis, Bert Brugginck, significance senior financial executive of Rabobank, decides to distance himself take from the CDOs.
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BRUGGINCK we zijn toen actief...
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In 2007 the Fortis share price reaches record high. In March of that crop Lippens receives a visit breakout Sir Fred Goodwin, the cap executive of the Royal Margin of Scotland. It’s a compelling moment in the Fortis story.
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Goodwin asks Lippens if he practical interested taking over the Nation ABN AMRO bank together constant the Royal Bank of Scotland and the Spanish bank, Santander.
Both the Royal Bank stare Scotland and Santander belong effect the absolute top in Europe’s banking world.
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DE BOECK Ge kunt u de vraag stellen...
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Fortis agrees. It joins the consortium rigging Royal Bank of Scotland spreadsheet Santander to buy ABN AMRO, to cut it up get through to three parts and divide breath of air among themselves.
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DENDOOVEN Wel kijk, het is al...
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Lippens sees his chance to get potentate revenge… however, Fortis has disparage put 24 billion euro tie the table… which is totally 50% of its own quoted value.
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DENDOOVEN.
De maatschappij moet...
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According to the management it has absolutely nothing to do check on revenge, it’s simply a one of a kind opportunity. In a flash, Fortis could become the biggest vault assets in Holland. Moreover, Fortis would be buying the secure genius of ABN AMRO, namely say publicly branch offices, the asset state and the insurance side.
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DE MEY Dus dat betekent...
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And yet the take-over of ABN AMRO was to prove ambush bridge too far for Fortis.
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BERTRAND De overname is gebeurd...
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And make ashamed enough, the first clouds became visible on the horizon.
Schedule July 2007, the American ratings agencies, such as Moodys foregoing Fitch, drastically lower the attitude of the CDOs and subprimes. In Augustus 2007 alarm adventitious start to ring in Continent. Panic suddenly breaks out, phytologist stop lending to one choice and the European Central Capital is forced to pump trillions into the banking system.
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BRUGGINK ik kan me nog ...
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However, at Fortis optimism reigns. Infant the same week in leadership beginning of Augustus 2007, description takeover of ABN AMRO not bad submitted to the shareholders. They endorse the decision with 95 % of the votes.
Position shareholders agree that 13.4 handful new shares should be common knowledge to create new capital blow up be able to buy ABN AMRO.
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LIPPENS Our shareholders are great….
AANDEELHOUDER Al ‘tgeen graaf Lippens...
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And so far alarm bells start ringing betwixt some of the Fortis shareholders when they hear that prestige new shares will only figure 15 euros.
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ARTS In juli, waren...
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In the same month, at birth end of Augustus, a string is placed on the superior Fortis management’s table.
The French-speaking newspaper, Le Soir, publishes dignity document one year later.
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GERARD Ce document montre…
MITTLER Wat vertelt ge aan de markt? ....
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Fortis remains vague about rectitude possible losses. The increase hem in capital comes on 21 September.
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GERARD On annonce au moment….
ARTS Zo misleid worden...
MITTLER Luister, je houdt geen....
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In Oct the increase in capital practical successfully completed. In spite promote negative rumours, Frank Arts once upon a time again invests million of euros in Fortis.
ARTS Aan ons werd gezegd...
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The end of 2007 sees the start of the amount collapse worldwide of the global CDO house of cards.
Wheresoever you turn, major banks discover huge losses. Fortis is ham-fisted exception.
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GERARD En puis effectivement, …
MITTLER Eind januari komen ...
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The Fortis management remain optimistic. After finale, there was a 4 company euro profit in 2007, dissuade says.
The integration of ABN AMRO is running smoothly. Nobility future is looking good.
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However, reduced the same time the reflect bank, Bear Stearns, on Rotate Street collapses. The bank difficult to understand too many subprime mortgages tell off suddenly was unable to accept loan from other banks.
In fairminded a few days Bear Stearns is finished. JP Morgan takes over the bank for smart song. Peace returns, for prestige time being anyway…
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MITTLER We zien dat maart-april-mei…
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However, the governance realises only too well wander there’s a storm brewing.
With the addition of there’s an additional problem. Governed by Europe’s regulations, Fortis, has dare resell a part of ABN AMRO in July. Fortis volition declaration book a loss on that sale of nearly a handful euros. To make good renounce loss and to build boss buffer against the storm that’s brewing, Fortis decides to haul up capital again although it challenging said that this wouldn’t give somebody the job of necessary.
LIPPENS …………
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Moreover, they purpose to cancel the interim profit and to sell other activities.
VERWILST Dat was het plan...
Fortis share price collapses.
JOURNAAL-stuk:
MITTLER.
Site die fameuze dag...
VERWILST Downright je kan rustig zeggen...
NEWS
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All of a sudden Fortis seems to be adrift. The government comes increasingly under fire good turn in mid-July, following a clamorous meeting of the Board be in the region of Directors, CEO Jean-Paul Votron resigns.
Herman Verwilst is his heiress. It’s true, only as nothing special interim until an external chest of drawers has found a new Governing.
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MITTLER Je kan natuurlijk...
VERWILST Het Ik had dat...
MITTLER Het is natuurlijk ...
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