Europe Unfortuitous Circumstances

Unprecedented interventions by the Dutch and Belgian governments to save Fortis SA/NV, once one of Europe's 10 largest financial institutions, will force the bank's healthcare team to rebuild its business outside the Netherlands.

Despite the dramatic ownership change, Maurice Laudy, who heads the bank's European healthcare investment banking activities, told BioCentury the rump firm plans to continue it international biotech business even if, in the short term, its reach will be curtailed by the way the bailout split the bank's operations...