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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

29 Sept 2008

Santander to buy B&B assets

Santander have stepped up to buy part of the Bradford & Bingley group to add to it's recent purchase of Alliance and Leicester - Santander already acquired Abbey in 2004, and has formulated plans for Abbey to take over the network of Bradford and Bingley high street branch offices.
Banco Santander are the largest bank in Spain, Bradford and Bingley have been one of the institutions exposed to the credit crunch particularly due to their involvement in the buy-to-let market which has suffered a collapse over the last year or so.
Meanwhile the Benelux governments (Belgium, Netherlands and Luxemburg) are trying to formulate a plan to rescue ailing financial house Fortis, early reports suggest that this will cost over 11bn Euros.
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