Brussels  - The Belgian government, the French bank BNP Paribas SA and Fortis, the Belgian-Dutch financial services company, agreed overnight to a plan for the divestment of Fortis' Belgian financial units.

BNP Paribas, France's largest bank, is to take over 75 per cent of Fortis Bank in a deal valued at 2.88 billion euros (3.64 billion dollars), the Belgian news agency Belga reported Saturday, citing the government.

The remaining 25-per-cent stake would remain in the hands of the government, the report said.

Under the deal, Fortis Bank would also take a 25-per-cent stake in Fortis Insurance Belgium SA in a transaction worth 1.38 billion euros.

Belgian Prime Minister Herman Van Rompuy said the agreement was profitable for account holders, stockholders, employees and the state.

Fortis fell victim to the financial crisis sparked by the collapse in the market for insufficiently secured US housing loans known as subprime mortgages.

In October, the Belgian and Dutch governments stepped in. Their rescue plan was based on splitting the bank into its component parts with the Dutch government taking over the Dutch segment and the Belgian state selling a majority stake to BNP Paribas.

But last month, Fortis shareholders, angry at the plummeting value of their stock, rejected the deal, throwing the bank's future into doubt.

The new deal was expected to be taken up at a shareholders meeting planned in early April. (dpa)