Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Failed IndyMac to be sold

Staff Reporter 1 minute read

IndyMac Bank – one of the biggest banking collapses in history – has secured new ownership from a team of high profile investors.

Up to US$1.3 billion (A$1.8 billion) will be invested in the bank by a team including private equity mogul Christopher Flowers and computer tycoon Michael Dell.

The group and the US government have agreed to share the bank’s billion dollar losses, with the Federal Deposit Insurance Corporation (FDIC) expecting to lose up to US$9.4 billion (A$13.2 billion).

"The current economic climate is challenging for selling assets, but this agreement achieves the goals that were set out by the chairman and board when the FDIC was named conservator of IndyMac in July," said FDIC deputy director James Wigand on Friday.

IndyMac was one of more than 20 US financial institutions to fail over the course of 2008 after going bust in July.

 

Failed IndyMac to be sold
default
TheAdviser logo
default

 

more from the adviser
handshake Former RAMS CEO to head up BOQ retail bank

Westpac’s current chief digital and marketing officer and forme...

AFG office Aggregator reveals record-breaking lodgements

Australian Finance Group has revealed its brokers lodged more loa...

online education tools ta iSelect launches SME loans in Valiant partnership

Comparison website iSelect launched a new business loan offering ...

FROM THE WEB