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[UK] Bradford and Bingley plc - Retail

2008-10-15

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stories: economist.com, reuters.com, co.uk, co.uk, co.uk

On September 29, 2008, it was announced that Britain would nationalise mortgage lending giant Bradford & Bingley, selling its 197 retail banking branches and deposit book to Spanish bank Santander with the remainder transferred to the Treasury. Here are some highlights from Reuters:

* Bradford & Bingley's UK and Isle of Man retail deposit business along with its branch network has been transferred to Abbey National Plc. This transfer follows a competitive auction process for this part of the business, conducted by Morgan Stanley on behalf of HM Treasury.

* The remaining assets and liabilities of Bradford & Bingley - principally comprising its mortgage book, personal loan book, headquarters and relevant staff, and treasury assets and its wholesale liabilities - will be taken into public ownership through the transfer to the Treasury of the company's shares.

Reported as Britain's eighth largest lender in 2007, Yorkshire-based Bradford & Bingley specialized in "buy-to-let" mortgages which account for 60% of its 40 billion (US $70.25 billion) portfolio, according to The Economist. Just a week prior, The Guardian reported 370 jobs would be cut in addition to 90 from earlier in the year, with plans to eliminate 300 more with the closure of a processing center in Borehamwood, Hertfordshire.


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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.