The ratings on Fortis Bank reflect the bank's strong position in the Benelux banking market, particularly in Belgium; good asset quality; satisfactory profitability; and adequate capitalization, given the bank's low-risk profile. Fortis Bank is the banking arm of the Fortis group (Fortis), a Belgo-Dutch banking and insurance group. With total assets of more than €401 billion at Sept. 30, 2002, Fortis Bank is the largest bank in Belgium and one of the three largest banking groups in the Benelux region, which it views as its home market. The bank has a fairly low risk profile, as its activities and assets are concentrated in the Benelux region, and it has limited involvement in investment-banking activities. Profitability is satisfactory, with good diversification
