Bankrupt Danish Bank Roskilde sold

By Edward Harrison On Aug 25, 2008

The bankrupt Danish Bank Roskilde received no bidders as the Central Bank of Denmark looked to unload the bank as quickly as possible. Roskilde got into trouble after the Danish economy turned down and loans it had made to home builders went sour. Eventually, Roskilde became the third large European institution to fail since the credit crisis began, joining IKB of Germany and Northern Rock of the UK. All three failures were directly related to the mortgage crisis.

After no lending institution, foreign or domestic came forward, the Danes were forced to settle for a partial sale to private lenders, keeping a rump stake themselves.

Source
Danish Central Bank, Grouping Acquire Roskilde Bank, Bloomberg

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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