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No Cash Have Bailout

Question: What's the common denominator of all these major financial houses based in different parts of the globe?

Answer: No Cash but bailed out.

Rationale: All for the sake of a stable global economic environment.

1. Bradford & Bingley plc (LSE: BB.) is a British bank, with its headquarters in the West Yorkshire town of Bingley. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

It has been confirmed that the troubled bank is to be be nationalized by the British Government in part. The Spanish bank Grupo Santander will acquire all of Bradford & Bingley's £20billion savings business.

2. Fortis (Euronext: FORA, Euronext: FORB, LuxSE: FOR) is a banking, insurance, and investment management company, and is the 20th largest business in the world by revenue. The Benelux countries are Fortis' home base and its strength. Fortis' banking operations include network (retail), commercial, and merchant banking; its insurance products include life, health, and property/casualty lines. Products are sold through independent agents and brokers, financial planners, and through Fortis Bank branches. It is listed on the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges.

3. The Hypo Real Estate Holding AG (FWB: HRX) is a holding company based in Munich, Germany which comprises a number of real estate financing banks. The company's activities span three sectors of the real estate market: commercial property, infrastructure and public finance, and capital markets and asset management.

It originated in 2003 from the real estate financing business of HypoVereinsbank. Since December 19, 2005, it is one of the 30 members of the DAX stock index of major German companies. The Hypo Real Estate Group employs about 2,000 people.

Hypo Real Estate Group acquired property finance company Depfa Bank in 2007. The company remains a legal entity as a wholly-owned subsidiary of the Hypo Real Estate Group.

4. Glitnir (OMX: GLB) is one of the three major commercial banks of Iceland. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki (Union Bank), Verzlunarbanki (Bank of Commerce) and Iðnaðarbanki (The Industrial Bank) - and one failing publicly held bank - Útvegsbanki (Fisheries Bank) - to form Íslandsbanki in 1990. At the time, Íslandsbanki was the only major privately held commercial bank in Iceland. It was publicly listed on Kauphöll Íslands, the Iceland Stock Exchange, in 1993. Íslandsbanki subsequently merged with FBA - The Icelandic Investment Bank in 2000.

Currently, the financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore supply vessels. Glitnir operates branches in London and Copenhagen, and has representative offices in Halifax, Canada, and in Shanghai, China. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway.

Glitnir considers Iceland and Norway its home markets. Since 2004, Glitnir has acquired BNbank and Glitnir bank (previously Kredittbanken), Glitnir Securities (previously Norse Securities) and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring (previously FactoNor), and 50.1 percent of Union Gruppen in Norway. In addition, Glitnir's subsidiary BNbank acquired 45 per cent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 12 branches in key areas of Norway in July 2006.

Glitnir continues to expand its operations in the Nordic region. In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB (formerly Fischer Partners). The acquisition of 68.1 per cent of the shares in the Finnish investment firm FIM (www.fim.com) was announced in early February 2007 and completed later in the spring of 2007.

In September 2008 The Government of Iceland acquired a 75% share in the bank for 600 million euros.


Question: Who's left holding the respective empty bags?

Answer: Citizens of the world? I guess? :-)

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