European banks continue to be drawn into the financial crisis triggered in the US.
Spanish banking giant Santander says it will take over the retail deposits and branch network of troubled British mortgage bank Bradford ßamp; Bingley. The British government is expected to announce plans on Monday to nationalise Bradford ßamp; Bingley's 41-billion-pound residential mortgage book after failing to find a trade buyer. Meanwhile, German mortgage bank Hypo Real Estate has been rescued in a last-minute deal by a consortium of banks to resolve a refinancing squeeze it faced. And Benelux financial group Fortis has undergone a shotgun nationalisation after emergency talks with European Central Bank President Jean-Claude Media Report: Porsche to Book Profits Higher than Turnover ...
EU to slam Bulgaria over graft, freeze funds: report ... Trichet. The Belgian, Dutch and Luxembourg governments agreed to inject 11.2 billion euros into the banking and insurance company, one of Europe's top 20 financial institutions.
(Deutsche Welle)
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