September 2008
30 September 2008
Dexia becomes the latest European bank to be bailed out as the deepening credit crisis continues to shake the banking sector. The Belgian, French and Luxembourg governments said they would put in €6.4bn to keep it afloat.
29 September 2008
In Britain, the mortgage lender Bradford & Bingley is nationalized. The British government takes control of the bank's £50bn mortgages and loans, while its savings operations and branches are sold to Spain's Santander.
The Icelandic government takes control of the country's third-largest bank Glitnir after the company had faced short-term funding problems.
28 September 2008
The credit crunch hits Europe's banking sector as the European banking and insurance giant Fortis is partly nationalized to ensure its survival. It is seen as too big a European bank to be allowed to go under.
25 September 2008
In the largest bank failure yet in the US, Washington Mutual (WaMu) , the giant mortgage lender which had assets valued at US$307bn, is closed down by regulators and sold to JPMorgan Chase.
22 September 2008
Nomura Holdings, Inc. announces it has agreed to acquire Lehman Brothers ' franchise in the Asia Pacific region including Japan and Australia. The transaction is subject to a number of conditions.
The deal includes all of Lehman Brothers' franchises and approximately 3,000 employees in multiple locations in the Asia-Pacific region.
17 September 2008
Britain's biggest mortgage lender HBOS is taken over by Lloyds TSB in a £12bn deal creating a banking giant holding close to one-third of the UK's savings and mortgage market. The deal follows a run on HBOS shares.
UK bank, Barclays , buys Lehman Brothers' north American investment banking and trading unit for US$250m, and pays US$1.5bn for its New York headquarters and two data centers
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16 September 2008
The US Federal Reserve announces an US$85bn rescue package for AIG , the country's biggest insurance company, to save it from bankruptcy. AIG gets the loan in return for an 80% public stake in the firm.
15 September 2008
After days of searching frantically for a buyer, Lehman Brothers files for Chapter 11 bankruptcy protection, becoming the first major investment bank to collapse since the start of the credit crisis.
US bank Merrill Lynch agrees to be taken over by Bank of America for US$50bn.
7 September 2008
Mortgage lenders, Fannie Mae and Freddie Mac , which account for nearly half of the outstanding mortgages in the US, are rescued by the US government in one of the largest bailouts in US history.
At the same time, in the UK, the Nationwide merges with two smaller rivals, the Derbyshire andCheshire Building Societies.