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 €398 billion at March 31, 2002, Fortis Bank is one of the largest banking groups in the Benelux region. The bank has a fairly low-risk profile, as its activities and assets are concentrated in the Benelux region, and it has a limited involvement in investment-banking activities. Profitability is satisfactory, with good diversification of revenue sources, and average but stable profitability ratios. The bank's ratio of operating expenses to
