Now credit crisis events are spreading to Europe an update of the extensive credit crisis overview was necessary. Follow this link to the guided analysis for an interactive experience or follow this link for a graphical view on the crisis. Investors assume that all problems are credit crisis related. The Fortis problems are however the result of a bad timed take-over of ABNAMRO, bad communication of capital ratio recovery actions and lack of trust in the capability of Fortis to obtain the required investments in time. From an operational perspective the bank claims it is a healthy business still generating revenues. The issues in England are different from those in Belgium and the Netherlands. The housing market in England is also deteriorating and combined with the lack of confidence in banks this has resulted in the take-over of several mortgage lenders. However, prudent banking is still there. Another company that participated in the ABNAMRO take-over has enough cash to roam the financial world for interesting bargains. Santander already showed after the take-over of ABNAMRO it is able to act swiftly, decisively and with success. As part of the take-over it acquired the Brazilian bank Banco Real and the Italian bank Antoveneta. It quickly sold Antoveneta to another Italian bank and now has the power to profit from the opportunities the credit crisis offers. Today it was announced Santander only had to pay 600 million euro for 21 billion euro in deposits and acquired also the branches of Bradford and Bingley. Earlier this year it obtained the European banking assets from General Electric. It shows the big differences between banks that joined the team that bought ABNAMRO one year ago.