Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Dutch-Belgian financial group Fortis reduces its activities on the German private consumer market. As of January 2009, direct marketing of consumer credits, credit cards and real estate financing is terminated. On 14 January, all 90 branches and the call center of the German affiliate Fortis Finanz were closed. 340 jobs out of 970 jobs in Germany are cut - 280 jobs at Fortis Finanz, the German affiliate which bundles all direct private consumer credit activities, and an additional 60 jobs at Van Essen Bank, an affiliate marketing private consumer credits via agents. The 60 van Essen jobs were linked to internal Fortis Finanz operations. Management says that the bank will seek socially acceptable solutions. Van Essen Bank is not at risk to be sold or closed.
According to Fortis, the German market has become too competitive to justify further engagement in the direct markting sector as German private consumers have lost trust in financial institutions and turn to banks they already know.
Eurofound (2009), Fortis Consumer Finance, Internal restructuring in Germany, factsheet number 67842, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67842.
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