Fortis Asia is ‘not for sale’, CEO says

by David Masters

Story link: Fortis Asia is ‘not for sale’, CEO says

Fortis’s Asian insurance unit is not for sale, the company has said yesterday.

Stuart Frasier, CEO of troubled Belgo-Dutch insurance group Fortis, said the company has no plans to sell its Asian unit, and has not discussed a sale with any party.

“There has been media speculation that Fortis Insurance Company Asia is for sale,” Frasier said.

“This is a rumour. The company is not for sale and we have not had discussions about any sale.”

The denial came after Hong Kong tycoon Richard Li said he had been approached by third parties about his company, PCRD, possibly buying back the Asian insurance firm, which PCRD sold to Fortis in 2007.