Member of Fortis group Group's strong Benelux market position, further reinforced by the ABN AMRO transaction Solid strategic rationale of the ABN AMRO transaction Strong financial profile including good asset quality and liquidity Execution risk linked to the ABN AMRO purchase Highly competitive Belgian retail-banking market Less diversification than for universal-banking peers Group's unseasoned growth strategy in merchant banking The ratings on Belgium-based Fortis Bank SA/NV (Fortis Bank), and core subsidiaries Fortis Bank Nederland (Holding) N.V. (FBN) and Fortis Banque Luxembourg S.A. (FBL), primarily reflect Fortis Bank's 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
