One of the mitigating factors in Europe was a less dramatic result than expected from an independent audit of Spain's struggling banking sector, said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets.

WSJ: European Stocks Close Up for the Week

Financial institutions: BBVA Bank, BMO, BNLPOSitivity, BNL Italy, BNP Paribas Fortis Belgium, Banco Sabadell, Banco Santander, Banca Sella, Citi, Commonwealth Bank, Deutsche Bank Italy, EMS, EnterCard, EURO 6000, European Merchant Services, Fifth Third Bank, Handelsbanken, International Card Services Netherlands, Intesa Sanpaolo, Lake Trust Credit Union, ME Bank, NAB, SEB Kort, SIA, Swedbank, TMG Financial Services, UniCredit and Westpac.

ENGADGET: MasterCard announces MasterPass digital banking service, gives Australia and Canada first dibs

The Dutch then nationalised their bits of the bank and the Belgians (and Luxembourgeois) agreed to sell France's BNP Paribas the businesses that Fortis had on their soil.

ECONOMIST: Fortis

That confidence helped BNP Paribas to pick up bits of Fortis in 2009 at an attractive price, bringing a big retail presence in Belgium and Luxembourg.

ECONOMIST: The secret of a French bank��s success

Concerns that state money would enable BNP Paribas to finance its proposed acquisition of the Belgian bits of Fortis gave commission officials pause when they first reviewed France's bail-out scheme.

ECONOMIST: Globalisation under strain: Homeward bound | The

Shares in Fortis were suspended, a day after France's BNP Paribas said it would take a 75% stake in the Benelux bank.

BBC: Bank uncertainty hits UK shares

Some had taken decisive action overnight: Belgium nationalized the Belgian assets of banking and insurance provider Fortis on Sunday, before selling a majority stake to French bank BNP Paribas, while Germany said it would guarantee all private deposits in the country.

FORBES: Magazine Article