Positive outcome for Ageas in RBS case
05 Februar 2018 - 8:15AM
The ICC (International Chamber of Commerce)
Tribunal has announced that it has rejected in full the claims
brought by the Royal Bank of Scotland ('RBS') against ageas
SA/NV.
In 2014, RBS initiated an
arbitration procedure against ageas SA/NV before the ICC in Paris,
initially claiming an amount of EUR 135 million, which was reduced
to EUR 75 million in the course of the proceedings. This claim
relates to an alleged indemnification promise made by (then) Fortis
to RBS back in 2007, in the context of the takeover of the former
ABN AMRO group.
The ICC Tribunal confirmed Ageas's
position and ruled that RBS's claims are fully dismissed. The
decision of the ICC Tribunal is final*.
Ageas is pleased with the decision
of the ICC Tribunal.
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
products that meet their specific needs, not just for today but
also for tomorrow. Ageas, one of the largest insurance companies in
Europe, is mainly active in Europe and Asia, which together make up
the majority of the global insurance market. Through a combination
of wholly owned subsidiaries and long term partnerships with strong
financial institutions and key distributors, Ageas operates
successful insurance businesses in Belgium, the UK, Luxembourg,
France, Portugal, Turkey, China, Malaysia, India, Thailand,
Vietnam, Laos, Cambodia, Singapore, and the Philippines. In most of
the countries where it operates, Ageas is among the market leaders.
Ageas has more than 40,000 employees, and inflows amounted to
around EUR 32 billion (all figures at 100%) in 2016.
* except in case of annulment
proceedings on the basis of a limited number of legal grounds, such
as violation of the rights of defense in the arbitration
proceedings
Pdf version of the press
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information contained therein.
Source: Ageas via Globenewswire
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