Belgian PM looks for new owner for bank

Belgian PM looks for new owner for bank

Belgian prime minister Yves Leterme said he aims to find a new owner for troubled bank Fortis NV to restore confidence in the company before the opening of markets on Monday.

Mr Leterme told two media outlets on today that government officials are going over a takeover bid for Fortis’ Belgian operations, which remain a major concern for shareholders and investors.

The bank has been caught up in the financial credit crisis and its stock has plunged amid fears it would go insolvent.

Banking officials and authorities have been in closed-door talks all weekend in an effort to restore credibility and trust in Fortis after Dutch government announced Friday it was buying Dutch-held operations of the bank for €16.8bn after a previous bailout failed to remove market doubts.

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