Member of Fortis group Group's strong Benelux market position, especially in Belgian banking Strong asset quality Good profitability Highly competitive Belgian retail banking market Less diversified than universal banking peers Group's unseasoned growth strategy in merchant banking and emerging markets The ratings on Belgium-based Fortis Bank primarily reflect its strong position in the Benelux banking market, good asset quality, and satisfactory profitability. They also factor in the bank's position as a core member of Belgian-Dutch banking and insurance group Fortis. These positive factors are somewhat offset by Fortis Bank's limited growth potential and highly competitive core Benelux markets, as well as the Fortis group's still untested growth strategy, which includes diversifying outside its home market. Fortis Bank is the largest
