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 was created from the merger that took place on June 23, 1999 between Generale Bank and ASLK-CGER Bank, the aim of which was to provide a banking arm for Fortis, a Benelux banking and insurance group. With total assets of €362 billion at Sept. 30, 2001, the bank is one of the largest banking groups in the Benelux region. Fortis 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. The bank's
