Financial services group UBS has become the second largest stakeholder in Fortis, after it has increased its stake to 3.24% in the banking and insurance company, said the Thomson Financial News citing a report of De Standaard newspaper.

The newspaper has reportedly said that it was not clear whether the increase in the stake was made on the basis of investment or strategic grounds.

Chinese insurance group Ping An is the biggest shareholder in Fortis with 4.99% stake.