Fortis Yacht Services (FYS) was officially launched in late 2003, shortly before an important annual boat and yacht exhibition held in February in Belgium. Pascal De Wert, founder and manager of FYS, owned a boat and realized that Belgian banks had not tapped this high net worth market at all. The first product he thought of was long-term financing for yachts. Even though French and Dutch banks had been offering such loans for a long time, there was no comparable product in Belgium. The yachting industry was bound to grow in Belgium. A more affluent middle class, a growing number of retirees attracted by yachting and investments aimed at increasing the berthing capacity along the Belgian coast combined to suggest a strong impending development. In addition, yachts were becoming more sophisticated and more expensive, which bode well for loan demand. Pascal was convinced that yacht financing represented a tangible opportunity for Fortis, and he thought the bank had to move fast to seize it.
