The ratings on Fortis Bank reflect the institution's strong position in the Benelux banking market, particularly in Belgium; good asset quality; satisfactory profitability; and adequate capitalization, given its low-risk profile. Fortis Bank is the banking arm of Fortis, a Belgo-Dutch banking and insurance group. With total assets of €385 billion at year-end 2002, Fortis Bank is the largest bank in Belgium and one of the three largest banking groups in the Benelux region, which it views as its home market. The bank has a fairly low risk profile; its activities and assets are concentrated in the Benelux region, and it has a limited involvement in investment-banking activities. While Fortis Bank suffered from declining revenues in 2002, mainly attributable to lower
