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Financial tsunami swamps the world

September 17, 2008

British banking giant Barclays, which over the weekend walked away from a merger deal with Lehman Brothers, said on Wednesday that it has reached a pact to buy certain assets of the beleaguered US insurance giant for $1.75 billion.

Image: A Barclays bank leaflet is pictured with coins in London. Barclays will buy parts of the failed US investment bank Lehman Brothers. | Photograph: Leon Neal/AFP/Getty Images

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