Ageas roots go very deep. Here are some of its key forebears:
AMEV
AMEV’s roots go back to 1847, when a local Utrecht-based funeral fund set up business under the slogan ‘Let op uw einde’ (which literally translates as ‘Mind the end’). In return for a small premium of a few cents every week, the deceased’s next of kin received a lump sum to help pay for the funeral.
In 1883 a modern-style life insurance business was added to the fund, the Levensverzekering Maatschappij Utrecht. A family firm dominated by the families Bol, Ingenegeren, Negerman and Verloop, De Utrecht soon managed to develop a leadership position through writing new business and growth by acquisition. These families served on the management and supervisory boards for five generations and, to safeguard their interests and facilitate acquisitions, created the Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen in 1920 (A.M.E.V.).
The wave of consolidation that swept through the industry in the 1960s called for much bigger alliances and put an end to the family nature of the business; many life and non-life insurers now joined the A.M.E.V. group under its new name AMEV. By 1974 the integration was complete.
In 1983 AMEV grouped its Dutch operating companies in an NV: AMEV Nederland. As soon as regulatory restrictions on combining banking and insurance were lifted, AMEV was the first Dutch insurer to enter into a fully-fledged bancassurance alliance: with VSB Groep in 1990. In that same year AMEV and Belgium’s insurer AG Groep merged their operating activities, taking the name of Fortis. 
VSB Groep
The Maatschappij tot Nut van ’t Algemeen (Society for the Promotion of the Common Good) was founded in 1817, and the first savings banks were established in Workum and Haarlem. Rather than making a profit, the Society’s primary goal was to create a new social order. The Society pursued its ideals by providing educational and social welfare services and savings facilities. Its savings institutions hit a rough patch during the Belgian crisis of the 1830s. After 1835, rivals such as private savings institutions and municipal savings banks arrived on the scene. In 1881 the government set up the Rijkspostspaarbank (Post Office Savings Bank), allowing the Dutch to deposit money into an account at the post office in nearly every village in the country. Driven by competition, the Spaarbankbond (Dutch Savings Banks’ Association) was established in 1907, enabling the savings banks to recapture their lost market share.
The Second World War was a sombre period for the industry. Savings banks stood by helplessly while their deposits dwindled and large sums of money were diverted from Jewish accounts to a so-called ‘robber bank’. After the war, the government and savings banks exploited every opportunity to emphasise the importance of saving, resulting in explosive growth of the services offered by savings banks. In the 1980s, legislation was amended to allow these banks to provide business services in addition to their traditional savings and mortgage services. The result was that savings banks became general banks and traditional savings institutions ceased to exist. Vereniging Centrumbank (Amsterdam), Spaarbank Rotterdam and Bondsspaarbank Breda joined forces in 1981 and began operating under the name Verenigde Spaarbank in 1983. In May 1990, the insurer AMEV merged operations with the public limited company VSB Groep to become AMEV/VSB 1990 N.V. To pump new life into the social ideals rooted in the past and to put to use the enormous capital acquired from the merger with AMEV, the 180-year-old Stichting VSB was transformed into VSB Fonds. In 1990 the Belgian insurer AG Groep joined forces with the Dutch AMEV/VSB to form Fortis.
ASLK-CGER
The Belgian government began to encourage popular saving in the 1850s with a view to improving the standard of living of working people. This led in 1865 to the creation of the Caisse d’Epargne, which joined that same year with the Caisse de Retraite to form the ‘Caisse Générale d’Epargne et de Retraite’ or CGER (‘ASLK’ in Dutch). From the outset, the Banque Nationale de Belgique allowed ASLK-CGER to use its counters in Brussels and the provinces. ASLK-CGER’s activities were supported by a nationwide solidarity movement. The first branch office was opened in Lokeren in the latter part of 1866 and post offices began to accept savings deposits in 1870. From 1889, ASLK-CGER was permitted to offer mortgage loans, repayment of which was covered by life insurance policies. So it was that ASLK-CGER became the first ever bancassurance group. The ‘Caisse de Retraite pour les Accidents du Travail’ was created within ASLK-CGER in 1903 to provide workers with disability cover. For many years, ASLK-CGER was responsible for distributing State subsidies to local authorities - a role that was not taken over by Crédit Communal de Belgique until 1921. ASLK-CGER’s operations grew extremely strongly in the 1950s, with total deposits tripling to 160 billion Belgian francs. All the same, deposits by its roughly 13 million savers averaged barely 5,000 francs. The first branches were linked to a central computer in 1973, which substantially simplified and speeded up the processing of everyday transactions. ASLK-CGER was split in 1981 to form the Caisse d’Epargne, Caisse de Retraite, Caisse d’Assurances and Caisse des Accidents du Travail. In the late 1980s, ASLK-CGER bought a stake in Fortis Bank Luxembourg (formerly Banque UCL). It became the majority shareholder at the end of 1992, when ASLK-CGER was split into two public limited companies - CGER-Banque and CGER-Assurances. In 1993, at the government’s request, half of CGER-Banque and CGER-Assurances’s capital was sold to Fortis.
ASLK-CGER acquired the Société Nationale de Crédit à l’Industrie or SNCI (NMKN in Dutch) in 1995. CGER-Assurances was transformed into a subsidiary of CGER-Banque. Fortis bought an additional tranche of CGER-Banque shares in 1997. At the same time, Crédit à l’Industrie was taken over as part of the merger with CGER-Banque. The commercial brand name, used by over 400 branches, was retained. Fortis acquired General Bank/Générale de Banque in 1998, marking the beginning of the far-reaching integration of the groupCrédit à l’Industries banking operations. Fortis Bank was created in 1999 from the merger of Générale de Banque and the ASLK-CGER in Belgium, and Generale Bank Nederland, VSB Bank and MeesPierson in the Netherlands.
Banque Générale du Luxembourg
Banque Générale du Luxembourg (BGL) was founded in 1919 by the Société Générale de Belgique and other partners from Belgium and Luxemburg. The bank operates from Luxemburg, with Belgian, Luxemburg and French shareholders. BGL expanded vigorously in those countries in the years up to 1928, building up a broad service offering. From 1935 onwards, all its operations were concentrated in Luxemburg. The Second World War saw a decline in business, but trading operations flourished again in the 1960s.
Luxemburg began to play a key role in those years in the international financial world. BGL set up a dealing room in 1969 and was prominently involved with the Eurobond in the late 1970s. Branches were opened in Milan, Hong Kong and Frankfurt. Expansion also occurred in 1982 in Zurich, with a view to broadening the bank’s shareholder base. In 1984, BGL successfully opted for a listing on the Luxemburg Stock Exchange.
BGL operates as a universal bank, providing commercial banking services to its customers in Luxemburg. It is also active as an investment bank and international financial service provider. BGL continues to offer its broad range of services and to develop its international operations. BGL and Fortis formulated a joint strategic position in 2000, when Fortis announced that it was also to increase its majority stake in BGL.
Since November 2005, BGL has been marketed under the Fortis brand name.
Fortis AG
The life insurance company ‘Maatschappij van Algemene Verzekeringen op het Leven, de dotale fondsen en de overlevingen’ or AG Leven was created in 1824. It was followed in 1830 by the ‘Maatschappij van Algemene Verzekeringen tegen de gevaren van brand’ or AG Brand, which offered fire cover. AG subsequently added mixed life policies to its range. In 1893, AG launched a formula combining mortgage credit and mixed life insurance and unveiled an accident policy. AG also played a pioneering role in medical acceptance for life assurance and in industrial accident policies in Belgium. AG introduced group policies in 1919, becoming market leader in that segment. It founded AG Ziekte-Invaliditeit in 1967, shortly afterwards forming AG Group, which brought together AG Leven and AG Brand. In the ensuing decades, AG Group acquired Securitas and the PR-Phenix-1821 group. AG Group and AMEV/VSB merged in 1990 to form Fortis, with AG Group taking over CB 1821. AG 1824 celebrated its 175th anniversary in 1999, changing its name the year after to Fortis AG.
Fortis ASR
The ‘Maatschappij van Assurantie, Discontering en Beleening der Stad Rotterdam’ was created in 1720. The business later evolved into today’s Stad Rotterdam Verzekeringen, which now also boasts a life business. ASR Bank provides Stad Rotterdam’s banking and mortgage operations. The old ‘Assurantieconcern Stad Rotterdam anno 1720’ consisted until 1997 of Stad Rotterdam Verzekeringen, Woudsend Verzekeringen, Koning & Boeke (later Stad Rotterdam Zaandam) and the Verzekerings Unie. The listed group also had shareholdings in Amersfoortse Verzekeringen and Europeesche Verzekeringen. ASR Verzekeringsgroep N.V. was formed in 1997 by the incorporation of Amersfoortse and Europeesche Verzekeringen. ASR Verzekeringsgroep was taken over by Fortis in 2000, resulting in the merger of its component parts with AMEV, AMEV-Ardanta and Falcon Leven. To express its connection with Fortis, the group added the Fortis name and adopted its logo, since when it has operated under the name Fortis ASR Verzekeringsgroep. Fortis ASR Verzekeringsgroep announced at the end of 2003 that it would fully integrate AMEV, Stad Rotterdam and Woudsend into one new company. Fortis ASR Verzekeringsgroep will be renamed Fortis Verzekeringen Nederland as from October 2005. AMEV, Stad Rotterdam and Woudsend will operate from then on under the Fortis ASR name.
Generale Bank/Générale de Banque
The bank that came to prominence in 1985 as Générale de Banque (Generale Bank in Dutch) can trace its roots back to 1822. That year saw the foundation of the ‘Algemeene Nederlandsche Maatschappij ter Begunstiging van de Volksvlijt’. The purpose of the company was to promote the progress, development and prosperity of agriculture, manufactures and trade’ during the brief 15-year unification of Belgium and the Netherlands following the defeat of Napoleon. The Société Générale, as it became on Belgian independence, came through the break-up of the United Kingdom of the Netherlands without too much difficulty. The company rapidly built up a branch network taking in every district. It led the savings market until the appearance of ASLK-CGER. Between 1834 and 1838, the Société Générale’s banking operations were supplemented by substantial industrial activity: the first modern mixed bank was born. It went on to control between 20 and 25% of Belgian heavy industry. The company specialised in acquiring shareholdings and control over businesses and had no desire to expand further. In 1870, the formula was applied for the first time to the Bank van Antwerpen, followed in due course by 17 further ‘protected banks’ (banques patronnèes).
Foreign banking operations flourished after the Société Générale took part in 1872 in the creation of the Paris-based bank ‘Société française et belge de Banque et d'Escompte’. This was followed by the Banque d'Outremer, Banque du Congo Belge, Banque Sino-Belge and Banque Brésilienne Italo-Belge. Together, these institutions formed the beginnings of the international banking group. The London-based subsidiary Banque Belge pour l'Etranger kept the group's operations going during the First World War and the occupation of Belgium. After the end of the conflict in 1918, the Société Générale helped rebuild Belgian industry. The group's structure now went through a fundamental change, with most of the protected banks being transformed into local administrative offices of the new institution. By 1945, the bank had a network of over 350 agencies, having continued its operations during the Second World War primarily from the Belgian Congo.
The Société Générale de Banque was set up in 1965 and steadily doubled its number of agencies, which stood at 1,060 in 1973. The expansion of its network was completed in 1975 with 3,500 agencies in Belgium. The company adopted the name Générale de Banque (Generale Bank in Dutch) in 1985. The business strategy was altered in 1995, when Générale de Banque became a ‘European banking group of Belgian origin’. Fortis acquired Générale de Banque in 1998. Fortis Bank was created in 1999 from the merger of Générale de Banque and ASLK-CGER in Belgium, and Generale Bank Nederland, VSB Bank and MeesPierson in the Netherlands.
Krediet aan de Nijverheid/Crédit à l'Industrie
The Société Générale de Crédit à l'Industrie or SNCI (NMKN in Dutch) was founded in 1919 and became a specialist in the field of ship financing. NMKN-SNCI was also responsible in the 1950s for distributing Marshall Aid to Belgium’s coal industry.
The company’s range of operations was expanded in 1961, sparking off a period of spectacular growth. Capital requirements were huge. The bank opened its first fully-fledged branch office in 1966. NMKN-SNCI and ASLK-CGER decided in 1968 to harmonise the expansion of their networks – an agreement that lasted for almost 20 years.
NMKN-SNCI’s network of agents developed rapidly in the 1970s. By 1974 there were 1,200 independent agents, more and more of whom were working as full-time branch operators. NMKN-SNCI played a pivotal role as an intermediary and manager of government subsidies to the textile industry and, in particular, the steel sector. The shorter Krediet aan de Nijverheid/Crédit à l'Industrie names became familiar in Belgium in the 1980s. For several years, the company presented itself to its private customers as the ‘Little Blue Factory’ (its logo) that’s ‘at home in saving’. When the alliance came to an end in 1986, Crédit à l'Industrie immediately threw itself into developing a range of services entirely of its own.
In 1994, it was given the go-ahead to start banking operations. That same year, the government decided to place the state’s shareholding with ASLK-CGER Holding. Crédit à l'Industrie was taken over by CGER-Banque in 1997.
MeesPierson
Rotterdam’s Mees family became involved in the financing of trade in 1720, marking the earliest beginnings of MeesPierson under the name Mees & Zoonen. Hope & Co. began trading in 1762 in the same city. Boissevain & Co./Pierson & Co. was set up in Amsterdam in 1875, followed in 1879 by the company Heldring & Pierson, which was founded in The Hague. De Nederlandsche Bank voor Zuid-Afrika and De Transvaalsche Handelsbank were created a few years later. The two latter banks merged in 1925, subsequently trading as the Nederlandsche Bank voor Zuid-Afrika. Boissevain & Co./Pierson & Co. merged with Heldring & Pierson in 1942. Both names disappeared, with the new venture operating as Pierson, Heldring & Pierson. R. Mees & Zoonen merged with Hope & Co. in 1962 to form Mees & Hope. Bank Mees & Hope was created in 1969 from the merger of Mees & Hope and the Nederlandse Overzee Bank. MeesPierson was then formed in 1993 within ABN-AMRO. Fortis acquired MeesPierson in 1997.
Disbank
Disbank (full name Türk Dis Ticaret Bankasi - Turkish Foreign Trade Bank), was founded in 1964 as a joint venture between Bank of America and Turkiye Is Bankasi (Isbank) under the name of Amerikan-Turk Dis Ticaret Bankasi (American-Turkish Foreign Trade Bank) and with a capital of TL 10 million. It was the first foreign trade bank of Turkey. Majority shares were owned by Dogan Group of Companies Holding A.S. in 1984.
While the Bank focused on trade finance in early 1980s, the focus shifted to corporate banking and capital market activities in the 1990's. In late 1999, Disbank embraced an accelerated growth strategy to play a leading role in commercial and retail banking while maintaining the core business of trade finance and corporate banking. Since its foundation Disbank has also maintained a traditional expertise in international trade, and currently offers services through its nationwide branch network of 173, including its OBU in Bahrain. Disbank redesigned its business model to provide fully integrated financial services through its financial subsidiaries, including Dis Yatirim (Investment arm), Dis Leasing, Dis Factoring, Dis Portfolio Management and Dogan Emeklilik (pension fund). Strengthening its capital structure through time, and thanks to its high performance in the Turkish banking sector, Disbank has achieved a higher level of respect and accountability in foreign financial circles.
In April 2005, Fortis made an agreement with Dogan Holding to acquire full ownership of Disbank and its subsidiaries. In July, further to the approval of the Turkish regulatory and governmental authorities, Fortis has acquired full ownership (89,34 %) for the agreed price of EUR 880 million subject to price adjustment. In October, Fortis has made a public bid for the remaining 10,66 % of Disbank, that has been publicly traded since 1981.