Belgian insurance company Fortis Holding is following the sale of a number of insurance businesses now on the market but may not have enough capital to pay the prices being asked, Fortis Chief Executive Bart De Smet said Tuesday on a conference call with analysts.
Banks such as Royal Bank of Scotland Group PLC and ING Group have said they plan to sell their insurance businesses as part of restructuring agreements reached with the European Commission.
“We have discretionary capital to invest but it’s not unlimited,” De Smet. “The amounts that are circulating are probably of another order,” De Smet added.
