The ratings on Fortis Bank reflect the bank's strong position in the Benelux banking market, particularly in Belgium; good asset quality; adequate profitability; and adequate capitalization given its low-risk profile. These strengths are, however, somewhat offset by the bank's structural exposure to interest rate fluctuations. Fortis Bank was created from the merger between Generale Bank, ASLK-CGER Bank, and Fortis Bank (Nederland) N.V., to serve as the banking arm of Fortis, a Benelux banking and insurance group. With total assets of €337 billion at year-end 2000, the bank is the Belgian market leader in most customer segments, with an overall market share of 25%-30%. It also holds the fourth-largest position in the Netherlands, with an overall market share of close to
