FORTIS ASR TO MERGE DUTCH BUSINESSES INTO SINGLE FIRM

Dutch-Belgian bancassurer Fortis has confirmed that its Dutch insurance arm Fortis ASR is to merge the group’s AMEV, Stad Rotterdam and Woudsend businesses into a single company by 2005 in order to cut costs. Despite the merger, the three units will retain their respective bases in Utrecht, Rotterdam and Woudsend. Earlier this year Fortis began integrating the back-office functions of the three firms, and the latest moves confirm its decision to merge the front offices as well. In June, Fortis also said that it would cut 750 jobs over three years at Fortis ASR. At the time, the cuts equated to 14% of its total workforce.