Asian stock markets plunged today as government bank bailouts in the US and Europe failed to alleviate fears of a global financial crisis that would depress world economic growth.

Belgian prime minister Yves Leterme said he aims to find a new owner for troubled bank Fortis NV to restore confidence in the company before the opening of markets on Monday.

Dutch-Belgian bank and insurance giant Fortis NV has been given a €11.2bn lifeline to avert insolvency as part of a wider bailout plan agreed to by Belgium, the Netherlands and Luxembourg.