January 12, 2010 / 7:42 AM / in 8 years

Fortis toxic assets unit raises 4.3 bln eur-paper

BRUSSELS, Jan 12 (Reuters) - Fortis Holding’s FOR.BR special purpose vehicle Royal Park Investments, which was set up to hold the toxic assets of Fortis Bank, has raised 4.3 billion euros ($6.25 billion), marking a slow revival in the market for structured financial products, reports Belgian newspaper De Tijd.

Royal Park Investments raised the cash through a placing with mostly U.S. institutional investors, the paper said on Tuesday.

    Fortis was broken apart along national lines in October 2008 following the banking crisis and now consists of insurance activities in home market Belgium and across the world as well as a share of toxic assets held by Royal Park Investments.

    Fortis Holding has a 44.7 percent stake in the vehicle, the Belgian government holds 43.5 percent and the remaining 11.8 percent belongs to BNP Paribas (BNPP.PA), De Tijd said. ($1=.6879 euros) (Writing by Ben Deighton; Editing by Greg Mahlich)

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