The 'Mutuelle SOLVAY', a subsidiary to the SOLVAY Group, has decided to transfer to FORTIS A.G. all its GENERALE DE BANQUE shares in exchange for new FORTIS A.G. shares. The exchange ratio has been fixed at 3 GENERALE DE BANQUE shares against 7 new FORTIS shares.

This way, the SOLVAY Group wants to contribute to the European strategy of GENERALE DE BANQUE, which -within the framework of its rapprochement to FORTIS A.G- aims at doubling the volume of its banking operations in Europe, whilst strengthening the position of Belgian shareholding within the new entity.

The 'Mutuelle SOLVAY' has been holding 3 % of GENERALE DE BANQUE shares for many years now. Being a stable shareholder, it has endorsed the protocol on autonomy in banking.

After its transfer of shares to FORTIS A.G., the 'Mutuelle SOLVAY' will remain a stable shareholder and intends to also endorse the banking protocol of the new entity. It is also expected that the 'Mutuelle' will continue to have a representative within the Board of Directors.