{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Fortis CEO hails bailout deal which reshapes bank giant' data-url='/boclips/videos/5c54c374d8eafeecae161621' data-video-url='/boclips/videos/5c54c374d8eafeecae161621' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFortis CEO hails bailout deal which reshapes bank giant\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide exterior Fortis headquarters in Brussels2. Close up Fortis sign3. Wide shot Filip Dierckx, Fortis Chief Executive Officer (CEO), and Lars Machenil, Fortis Chief Financial Officer sitting down at press conference4. Mid of Dierckx...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide exterior Fortis headquarters in Brussels\u003cbr/\u003e2. Close up Fortis sign\u003cbr/\u003e3. Wide shot Filip Dierckx, Fortis Chief Executive Officer (CEO), and Lars Machenil, Fortis Chief Financial Officer sitting down at press conference\u003cbr/\u003e4. Mid of Dierckx and Machenil \u003cbr/\u003e5. SOUNDBITE (English) Filip Dierckx, Fortis Chief Executive Officer:\u003cbr/\u003e\"I think what is left of Fortis is that you have first of all a very strong insurance company, and you have a bank which, yes, has now a structure in which there are minority shareholders at a level of different of the banks. But basically Fortis bank is still the majority shareholder. So we are going to continue to lead this as an integrated company with the business line concept, so for me in terms of steering the company we will continue to steer it in the past with the strategy we want to implement which is in the best interest of the shareholders.\" \u003cbr/\u003e6. Cutaway journalists\u003cbr/\u003e7. SOUNDBITE (English) Filip Dierckx, Fortis Chief Executive Officer:\u003cbr/\u003e\"The main message I want to convey is that in a situation where you have so much unrest, where you have so much rumours, that we felt that in the interest of our clients it was absolutely necessary to restore confidence, to see to it that we could further work on our franchise, further build our franchise, and not all the time be the subject of speculations and rumours.\"\u003cbr/\u003e8. Wide press conference room\u003cbr/\u003e9. SOUNDBITE (English) Filip Dierckx, Fortis Chief Executive Officer:\u003cbr/\u003e\"We have agreed together with the governments to come to a solution which was beneficial for Fortis, beneficial for the clients of Fortis. And that is what we have done over this weekend because we restored the solvency, restored a quarter one of nine percent. And that will help us very much I can assure you in the coming difficult months in the financial industry.\"\u003cbr/\u003e10. Wide end of press conference\u003cbr/\u003eFortis NV said on Monday it will become a smaller but financially stable bank after three European governments agreed on a 11.2 (b) billion euro (16.4 billion US dollar) bailout package.\u003cbr/\u003eAt a news conference in Brussels, Fortis Chief Executive Officer described the package as \"absolutely necessary to restore confidence in the company.\"\u003cbr/\u003eHe declined to set a deadline for the ABN stake sale, and declined comment on speculation ING Groep NV will be the buyer.\u003cbr/\u003eDierckx has had an eventful first two days on the job after his appointment Friday as Fortis' third chief executive in as many months. \u003cbr/\u003eThe previous two chief executives resigned.\u003cbr/\u003eBelgium, the Netherlands and Luxembourg agreed late on Sunday to the cash injection to avert a run on Fortis, taking a 49 percent stake in exchange and demanding Fortis resell the share of ABN Amro it bought a year ago - the very decision that brought about all its troubles.\u003cbr/\u003eFortis, with headquarters in Brussels, Belgium, and Utrecht, Netherlands, is Belgium's largest retail bank, while ABN Amro is the largest in the Netherlands.\u003cbr/\u003eThe bailout orchestrated by the three neighbouring countries and European Central Bank chief Jean-Claude Trichet was meant to restore confidence in the bank before the reopening of markets on Monday after a tumultuous week of imploding share values at Fortis.\u003cbr/\u003eDierckx said the bailout package would benefit Fortis and its clients.\u003cbr/\u003eInsolvency fears caused the company's shares to tumble more than 20 percent on Friday to their lowest level in 15 years. \u003cbr/\u003eAfter a brief rally at the open Monday they fell 20 percent again, dipping below 4.00 euro (5.78 US dollars) in Amsterdam - less than a fifth of what they were worth before the ABN buy.\u003cbr/\u003eFortis paid 24 (b) billion euros (34.4 billion US dollars) for its share of ABN in 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