Fortis Lease Group finalises the acquisition of Captive Finance Limited, bringing its presence to a total of 22 countries

4/19/2007, 11:30 AM (Source: GlobeNewswire)

Fortis is pleased to announce that, following the announcement made
on 8 January 2007, it has completed the acquisition of Captive
Finance Limited. This transaction gives Fortis Lease Group a foothold
in seven new countries in Europe and Asia.

Captive Finance is an independent finance company specialised in
vendor lease financing with strong positions in the IT, telecom and
high technology sectors. Founded in 2000 in Hong Kong where it is
headquartered, Captive Finance is active in Asia (Hong Kong,
Malaysia, and Singapore) and in Scandinavia (Sweden, Norway, Finland,

Philippe Delva, CEO of Fortis Lease Group, commented: "The closing of
this acquisition marks an important milestone for Fortis Lease Group
in its efforts to build a truly international network in the leasing
sector. Besides giving Fortis Lease access to seven new countries -
each with tremendous growth potential - Captive has developed some
unique skills, among which strong remarketing capabilities for the
leased equipment.''

The total value of Captive's Asian portfolio has grown strongly over
the past year, rising to a contract value of USD 64.4 million (EUR
47.9 million), or up 19.8% from a year ago. Singapore and Malaysia
were the two key drivers of growth in new leases in Asia.

This acquisition is in line with Fortis's strategy to grow in Europe
and selectively in Asia and North America. Fortis recently
strengthened its presence in Asia through its joint venture agreement
for bancassurance in India, and in March 2007 with the acquisition of
a majority stake in PCI, a Hong Kong-based major life insurer.

About Fortis
Fortis is an international financial services provider engaged in
banking and insurance. We offer our personal, business and
institutional customers a comprehensive package of products and
services through our own channels, in collaboration with
intermediaries and through other distribution partners.
With a market capitalisation of EUR 44.6 billion (31/03/2007), Fortis
ranks among the twenty largest financial institutions in Europe. Our
sound solvency position, our presence in 50 countries and our
dedicated, professional workforce of 60,000 enable us to combine
global strength with local flexibility and provide our clients with
optimum support. More information is available on

About Fortis Lease Group
Fortis Lease Group, headquartered in Luxembourg, ranks among the top
five European cross-border leasing companies. The companys's strength
lies in the cooperation between banking and leasing within Fortis,
which includes the possibility of offering worldwide vendor solutions
to equipment sellers. With International Vendor Services (IVS), we
have made a unique selling proposition of the fact that we offer a
framework agreement throughout the world.

Fortis Lease Group employs 757 enthusiastic men and women full time.
Born of the merger between European leasing companies, the group
started its full international expansion in 2000 by means of
acquisitions and new local start-ups. This growth strategy turned
Fortis Lease Group into a major international leasing provider with
an asset portfolio of EUR 11 billion. In 2006 the group wrote new
contracts totalling EUR 6.9 billion.

Press Contacts:

Brussels: +32 (0)2 565 35 84 Utrecht: +31 (0)30 226 32 19

Investor Relations:

Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 32 20


A short history of Captive Finance Limited

Founded in 2000 in Hong Kong, Captive Finance has grown rapidly
through organic expansion and acquisitions. Several institutional
investors, such as Wing Hang Bank and The China Fund Inc., have
helped Captive in its quest for growth.

Captive Finance rapidly became operational in Hong Kong, Malaysia and
Singapore and gained a foothold in Europe through the acquisition of
Sweden's Alfaskop Finans AB in 2001. The following year, the company
entered Denmark, Finland and Norway and extended its reach in Sweden
as a result of taking over Rubik AS Norway. This transaction
significantly expanded Captive Finance's vendor base and led to the
acquisition of some key vendor partnerships.

Captive Finance's rapid growth meant it needed to reorganise the
company, and in December 2004 the group restructured its local
Swedish operations, merging two operating companies into a single
operating unit.

In order to enlarge its product offering, Captive Finance's Norwegian
subsidiary acquired a 34% stake in Norway's used-office furniture
broker Mobel Meglerne AS in November 2005. This acquisition was to be
used as a platform to enter the office furniture leasing market and
enable the company to offer bundled IT equipment and office furniture
leasing and remarketing.

Captive Finance employed 58 full-time employees at the end of 2006.
That year 6,212 contracts were actively managed with an average
ticket size of USD 83,280 (EUR 61,952). The company's total contracts
valued USD 517 million (EUR 384.6 million) at year-end 2006.

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