Chinese insurer want Fortis as stand-alone Belgium brand

Chinese insurance group Ping An has said it will vote against the BNP Paribas takeover of Fortis at special meetings this week.

"We believe that the dismantlement of Fortis, which wasn't approved by shareholders, violates corporate governance procedures and destroys shareholder value," Ping An said in a statement.

"Other credible and viable solutions exist and should be considered, in the interest of all parties. Such solutions could maximize benefits to Fortis' clients, employees and the society in which it operates," it added.

Ping An has 4.8% of Fortis Holdings which is to hold shareholder meetings in Belgium Tuesday and the Netherlands Wednesday to vote on the deal. The Chinese firm said it wanted to defend a "longstanding Belgian financial brand."