Monday, Jan 28, 2008
Sub-prime crisis losses could cost Fortis £750m
the scotsman: Fortis has been under pressure to make a statement on its exposure after weekend reports suggested it may have to write off up to £1.5bn from its sub-prime portfolio.
FORTIS, the Belgian bank that was part of the successful RBS-led consortium that bought ABN Amro last year, said today that losses stemming from the US sub-prime crisis could be around £750 million.
And that means that its profits for 2007 could come in at around £2.23 billion, rather than previous forecasts for £2.97bn.
The world's biggest banks have already said they are facing total combine losses from the sub-prime sector – which focuses on lending to people with poor credit histories of unreliable income – of more than £100bn.
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