Two European financial institutions -- Dutch-Belgian bank Fortis and U.K. mortgage lender Bradford & Bingley -- had to be at least partially nationalized over the weekend, as the global credit crunch continued to take it toll.

Belgian Prime Minister Yves Leterme announced that Fortis will be partially nationalized to prevent it from falling victim to the credit crisis. That development, reached late Sunday, has the governments of Belgium, the Netherlands and Luxembourg putting EUR11.2 billion (US$16.3 billion) into the bank. It also forces Fortis to sell its stake in Dutch bank ABN Amro.

Like many financial firms in the past few weeks, Fortis has suffered from a crisis of confidence among investors. Shares fell 28% in the past week. The bank replaced its chief executive on Friday and has tried to reassure investors that it isn’t suffering from liquidity issues.

A spokesperson for Fortis was not immediately available for comment.

Meanwhile, mortgage lender Bradford & Bingley is going to be fully nationalized by the U.K. government, according to various media reports Sunday. Reuters said the U.K. is discussing the sale of B&B's book of business, citing a person familiar with the matter.

British Treasury Minister Yvette Cooper told the BBC that deposits at B&B would be guaranteed by the U.K. government, but stopped short of saying the bank would be nationalized.

The BBC reported that the savings business would be transferred to Spanish banking giant Santander (STD).

B&B, which provides loans to landlords to build rental properties, saw its stock price fall 28% in the past week alone.

This is the second time in the past year that British authorities have had to intervene directly in the U.K.’s financial sector. In February, the U.K. government nationalized Northern Rock after the mortgage lender could not find a buyer for the bulk of its assets.

A spokeswoman for B&B said the firm would not comment until the Treasury announces its plan for action.