Fortis, the Belgo-Dutch bank which last week was rescued and restructured in a €11.2bn ($15.2bn) deal by the Benelux governments, has relinquished control of its Belgian and Luxembourg businesses to BNP Paribas. Fortis confirmed the sale of its banking and Belgian insurance activities in the following statement this morning.

Fortis announces that the Belgian government has acquired the remaining share (50% + one share) of Fortis Bank SA/NV. The Belgian government has reached an agreement with BNP Paribas on the subsequent transfer of a majority interest in Fortis Bank SA/NV. Furthermore, Fortis announces that BNP Paribas will acquire 100% of Fortis Insurance Belgium. Last night, the Fortis Board of Directors has approved these transactions.