Fortis is to acquire the factoring activities of Atradius. Fortis intends to integrate the Atradius factoring units – which are located in Denmark, Sweden, France, Germany and Italy – into its Fortis Commercial Finance (FCF) division. The acquisition is not expected to have any material impact on Fortis’s net profit per share or solvency position.

Fortis and Atradius also have entered into a commercial agreement that will allow them to use each other’s European networks. Cooperation will focus on factoring and credit insurance.

Karel De Boeck, Fortis’s commercial and private banking CEO says: “The acquisition of the Atradius factoring units marks a major step towards achieving Fortis’s ambition to be among the top five European factors. It will give us the market-leader position in Denmark and reinforce our operations in Italy, France and Germany. The Atradius factoring units will add to our know-how and distribution capacity in the markets where they are present.”

Wilfried Verstraete, Atradius’ chairman and CEO, comments: “I am pleased that Fortis Commercial Finance, a leading European integrated factoring group, has acquired our factoring activities. This is a huge opportunity for the staff and management of the Atradius factoring business to join a strong European cross-border service provider in the factoring and commercial finance markets. Furthermore, the commercial arrangements will allow us to offer customers a broader range of financial solutions.”

The agreement, which is expected to be finalised before the end of the year, is subject to the approval of regulators and competition commissioners.