The state rescue of Fortis has given the Belgo-Dutch financial group some much-needed breathing space, but it leaves plenty of potential pitfalls ahead, especially in the planned disposal of its ABN Amro assets.

The decision by the governments of Belgium, the Netherlands and Luxembourg to buy 49 per cent stakes in Fortis’s respective national arms late on Sunday night came after talks broke down with potential bidders for the bank, which had seen its share price slump in spite of repeated denials of liquidity problems.