EC To Review Nationalization Of Lender: Report

Law360, New York (September 29, 2008, 12:00 AM EDT) -- The United Kingdom’s plan to nationalize ailing mortgage lender Bradford & Bingley PLC is reportedly likely to be examined by the European Commission.

A source told Dow Jones that the U.K.’s move on Monday to nationalize the firm could breach E.U. laws prohibiting state subsidies to struggling companies.

However, the commission is not expected to investigate a €11.2 billion plan by three countries to purchase shares of Dutch-Belgian bank and insurance goliath Fortis NV, according to the source. Belgium, Luxembourg and the Netherlands said on Sunday...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.