Fortis Bank is responding proactively to the changed needs of non-resident customers as a consequence of the EC Taxation of Savings Directive, which is expected to come into effect on 1 January 2005. Fortis Bank in the Netherlands will therefore modify its organisation and its product and service offering to non-resident customers who bank at its branches in the border areas near Belgium and Germany.
Six specialised branches in Zeeuws Vlaanderen (Sluis, Sas van Gent, Hulst and Putte) and Limburg (Venlo and Maastricht) service most of Fortis Bank's non-resident customers in the Netherlands.
Based on current projections of the consequences of the EC Taxation of Savings Directive and the Belgian Déclaration Libératoire Unique (One-off voluntary tax statement), services to these customers will probably be provided by two specialised branches after 1 April 2005. From then on, the other four branches will be integrated in stages with other branches of Fortis Bank in the Netherlands.
Similar positions are available within the Fortis organisation for about one third of staff in the Netherlands who are involved with providing services to non-residents. Alternative employment is being actively sought for the others and a social plan is in place. The aim is to avoid forced redundancies and to help superfluous staff to find a new job.
Staff, Works Council and trade unions have been informed. The Works Council is expected to give its formal opinion at the end of May. Customers will be notified in due course through the usual channels.
Edwin Prevoo, General Manager of Fortis Retail Banking in the Netherlands comments: 'Our customers are loyal and have confidence in the quality of our service offering. We shall therefore continue to serve our non-resident customers. We offer other products that are interesting to this group of customers besides sound advice and attractive interest rates on savings deposits. Should Belgian customers decide to repatriate their assets, then they can transfer them to one of our 1,350 or so branches in Belgium.'
Fortis Bank is part of Fortis, an international financial service provider active in the banking and insurance markets. Fortis, with a market capitalisation of EUR 24.8 billion (29/02/2004) and a workforce of around 54,000, is among the 20 biggest financial institutions in Europe. It is listed on the stock exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme in the United States. For more information, please go to www.fortis.com
