More financial institutes have fallen victim to the financial market turmoil.
In the United States, the federal bank insurer has given Citigroup permission to take over the banking operations of Wachovia. Governments around Europe have also been forced to take action. The German government announced it is guaranteeing 35 billion euros in credit from a consortium of banks for the troubled Munich-based lender Hypo Real Estate. The Benelux countries have gone one step further and partially nationalised banking and insurance giant Fortis. Finally in London, the government has said it is nationalising mortgage lender Bradford ßamp; Bingley. Spanish bank Santander is to take over Bßamp;B's savings unit and branches.
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