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'No chance' of Fortis going bankrupt: CEO
There is "not a single chance" that Belgian-Dutch banking and insurance group Fortis will go bankrupt, its chief executive officer Herman Verwilst said Friday.
Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
"There is not one single chance that we will face issues in that respect," he said when asked of the possibility of bankruptcy during a telephone conference with media.
The company's shares took a beating for a second day Friday amid liquidity concerns brought on by turmoil in world financial markets.
In June, the company announced it would seek to raise 8.3 billion euros to boost liquidity. It said on Friday that it had managed to raise 3.1 billion euros so far.
"We are now only talking about 5.2 billion," said Verwilst. This would come from several sources, including the sale of non-core assets "so that there can be no doubt that we will reach the five billion."
Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
