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Article: 2 British banks move to fix credit damage
- Article from:
- International Herald Tribune
- Article date:
- November 27, 2007
- Author:
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Julia Werdigier The New York Times Media Group
International Herald Tribune
11-27-2007
2 British banks move to fix credit damage
Byline: Julia Werdigier The New York Times Media Group
Edition: 5
Section: FINANCE/BUSINESS
LONDON --
The two British banks hardest hit by the global credit crisis took big steps Monday to repair the damage, with HSBC Holdings restructuring debt and Northern Rock selecting Virgin Group, controlled by Richard Branson, as its preferred buyer.
HSBC, the largest European bank, said Monday that it would bail out its two structured investment vehicles, or SIVs, by taking $45 billion of their assets onto its balance sheet.
HSBC's move is an attempt to restore investor ...