Latest Banking News
The latest news from the banking sector:
September 29, 2008
The BBC reported over the weekend that troubled buy-to-let lender Bradford & Bingley (B&B) was set to be nationalised.
It has emerged this morning that Spanish bank, Santander, which recently agreed to buy Alliance & Leicester, is to acquire B&B’s £20 billion savings base and its network of 197 branches.
According to sources, talks ran late into last night ...
Santander to acquire B&B‘s branches and £20bn savings business
by Kay Murchie
September 28, 2008
Belgian-Dutch financial group Fortis has been in rescue talks over the weekend after concerns have been raised about its future.
The Belgian government, regulators, and the Dutch central bank are all involved in the talks with a deal to be announced by tomorrow morning.
Fortis, which is Britain’s third-largest private car insurer, based on volume, and the fourth-largest travel insurer, went out of its ...
Fortis in rescue talks
by Kay Murchie
US $700bn bailout talks continue
by Kay Murchie
Bradford & Bingley to be nationalised
by Kay Murchie
September 26, 2008
It was announced earlier today that the $700 billion (£380 billion) US financial bailout plan had been blocked.
However, following hours of negotiations today, President George W. Bush has insisted that an agreement would be reached.
However, stockmarkets continue to fluctuate due to the uncertainty surrounding the deal.
According to the President, there are disagreements over aspects of a rescue plan, but ...
Bail-out plan will be passed says Bush
by Kay Murchie
$700bn US financial bailout plan is blocked
by Kay Murchie
£55 billion pumped into the banking system
by Kay Murchie
Washington Mutual closed by regulators
by Kay Murchie
HSBC axes 1,100 jobs worldwide
by Kay Murchie
Washington Mutual fails
by Brian Turner
September 25, 2008
US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks.
The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as 'an economic Pearl Harbour'.
Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve chief, Ben Bernanke, have been urging US Congress to ...
US Congress approves bail-out plan
by Kay Murchie
Congress urged to act quickly to approve $700bn financial rescue plan
by Kay Murchie
Slump in mortgage demand forces B&B to cut jobs
by Kay Murchie
September 24, 2008
Berkshire Hathaway has bought a stake in American bank, Goldman Sachs, as part of an injection of cash which will see the group raise $7.5 billion (£4 billion).
The investment vehicle, which is run by US billionaire investor Warren Buffett, came to an agreement to buy $5 billion of preferred stock in a private offering. The stock will ...
Goldman Sachs receives cash injection from US billionaire Warren Buffett
by Kay Murchie
Customers queue to withdraw savings from Bank of East Asia
by Kay Murchie
B&B heavily downgraded by credit ratings agencies
by Kay Murchie
September 23, 2008
Japan’s largest brokerage house, Nomura Holdings, is to buy some of Lehman Brothers’ European operations.
Nomura is to acquire Lehman’s investment banking and equities unit in Europe and said it will pay a ‘nominal’ amount for the operations.
The deal, which subject to regulatory approval, comes just 24 hours after Nomura announced it was to buy the Asian operations ...
Jobs saved as Nomura acquires Lehman European operations
by Kay Murchie
Shares fall amid concerns over $700bn financial rescue plan
by Kay Murchie
September 22, 2008
Japan’s largest brokerage house, Nomura Holdings, is to buy the Asian operations of Lehman Brothers.
Standard Chartered and Barclays had also been interested in Lehman’s Asian assets, according to sources close to the matter.
Banking giant Lehman Brothers went bankrupt last week and British bank Barclays has already acquired its US investment banking and capital markets businesses.
Nomura is to pay ...
Nomura to acquire Asian operations of Lehman Brothers
by Kay Murchie
Mitsubishi acquires stake in Morgan Stanley
by Kay Murchie