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    Monday, September 29, 2008

    Huge European bank fails

    The deal will force the bank -- which has headquarters in both Brussels and the Dutch city of Utrecht -- to sell its stake in Dutch bank ABN Amro, which it partially took over last year. Fortis paid 24 billion euros for its share of ABN.

    Fortis Chairman Maurice Lippens will be forced to resign and will be replaced by a candidate from outside the company, Leterme said.

    "We have taken up our responsibility, we did not abandon" account holders, Leterme told reporters.

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    posted by TheFuriousGourmet | 5:24 AM

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