Having developed online FX and money market transactions in 2002, Fortis Bank’s commercial banking business has now added the processing of trade finance operations. Belgium, Singapore and Shanghai have already been connected to the system, allowing importers and exporters in these countries to manage their documentary credits online, saving time and paperwork. Creating a virtual dealing room has enabled the merchant banking business to optimise its customer services, with a more co-ordinated product offering, unique management of customer relationships and preservation of customer contact with local sales teams and dealing room. This is all part of the bank’s efforts to strengthen its position as a leading Benelux-based financial services provider with European ambitions. In addition to a successful customer focus and cost control, the priorities remain risk management and a sound solvency policy.
“Fortis continues to follow a well-defined path,” says Herman Verwilst, chairman of the bank’s management committee. “Fortis refined its priorities in September 2003. Five years of integrating the banking business lie behind us, and we have begun the next three-year stage, in which, along with cost synergies, profitable growth and customer focus will be particularly crucial. That is important to the path that we shall continue to follow in the years ahead.”
