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Fortis chairman sees more trouble for banks
June 27, 2008 / 4:59 PM / 9 years ago

Fortis chairman sees more trouble for banks

AMSTERDAM, June 27 (Reuters) - The supervisory board chairman of Fortis FOR.AS FOR.BR defended the Dutch-Belgian bank’s measure to shore up its finances, saying they were taken because banks would likely face more trouble ahead.

Chairman Maurice Lippens said on Friday the bank had taken extraordinary measures due to the exceptional circumstances.

“We do it because the economic circumstances and what we see in America make us think it will get a lot worse before it gets better,” Lippens told Dutch broadcaster RTL Z in an interview.

Fortis raised 1.5 billion euros ($2.4 billion) from a heavily discounted share issue, part of a package of measures to shore up its finances by more than 8 billion euros. [ID:nL27683450] (Reporting by Niclas Mika)

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