Tag: B&B

Bradford & Bingley back in the black

Bradford & Bingley back in the black

Nationalised lender Bradford & Bingley (B&B) today announced it returned to profit in the first half. The bank posted a pre-tax profit of £896 million for the six months to the end of June, after posing a loss of £160 million in the same period a year ago. Meanwhile, operating costs fell from £65 million [...]

July 30, 2010 | 0 Comments More
Former B&B shareholders will not receive compensation

Former B&B shareholders will not receive compensation

An independent valuer has said former shareholders of crisis-torn Bradford & Bingley (B&B) will not receive any compensation after it was split and sold. At the height of the financial crisis, B&B’s loan book was nationalised, while Spanish banking giant Santander took ownership of its savings business and branch network. B&B’s shares closed at 20p [...]

July 6, 2010 | 0 Comments More
‘Bad banks’ of Rock and B&B to merge

‘Bad banks’ of Rock and B&B to merge

It has been announced today the ‘bad banks‘ of Northern Rock (NRAM) and Bradford and Bingley (B&B) are set to merge. The move is designed to cut costs and bring greater returns for the taxpayer. The UK Financial Investments (UKFI), the body which was set up at the height of the financial crisis to oversee [...]

March 24, 2010 | 0 Comments More
Santander profit grows 13%

Santander profit grows 13%

Spanish banking giant Santander has today revealed a 13% rise in fourth-quarter net profit to €2.2 billion (£1.9 billion). Meanwhile the bank, which is the second largest banking group in the world after HSBC, said gross income grew almost 24% to €10 billion. For the 2009 year as a whole, net profit was up 1% [...]

February 4, 2010 | 0 Comments More
Santander begins rebranding of Abbey and B&B

Santander begins rebranding of Abbey and B&B

Spanish banking giant Santander is to begin its integration of UK High Street banks - Abbey and Bradford & Bingley (B&B). Santander, which is the second largest banking group in the world after HSBC, became a household name in the UK when it acquired Abbey for £9.5 billion, back in 2004. In July 2008, it [...]

January 11, 2010 | 0 Comments More
B&B mulling over split into good bank / bad bank

B&B mulling over split into good bank / bad bank

Nationalised Bradford & Bingley (B&B) is reportedly considering splitting itself into two in order to raise money to repay its £18.4 billion loan from the Financial Services Compensation Scheme (FSCS). The troubled buy-to-let lender was nationalised over a year ago to prevent it from collapse which led to Spanish bank, Santander, acquiring B&B’s £20 billion [...]

October 26, 2009 | 0 Comments More
Bradford & Bingley shareholders ‘robbed’

Bradford & Bingley shareholders ‘robbed’

The nationalisation of Bradford & Bingley is the most blatant case of legalised bank robbery this country has ever seen, with almost a million shareholders likely to lose a fortune. The whole point of having shareholders in a democracy is that they own the company and can decide its fate between them, including sacking the [...]

September 29, 2008 | 1 Comment More
Bradford & Bingley to be nationalised

Bradford & Bingley to be nationalised

Troubled buy-to-let lender, Bradford & Bingley (B&B) is set to be nationalised, according to the BBC. Treasury officials and the Financial Services Authority (FSA) have been holding talks with the lender in an attempt to secure its future. The bank is to be nationalised using special legislation the Treasury implemented after it took Northern Rock [...]

September 28, 2008 | 0 Comments More
Slump in mortgage demand forces B&B to cut jobs

Slump in mortgage demand forces B&B to cut jobs

Troubled buy-to-let mortgage lender Bradford & Bingley (B&B) has announced its mortgage processing centre in Borehamwood, Hertfordshire, is be closed with the loss of 370 jobs. The processing centre is to close in the first quarter of 2009. B&B, which is the UK’s biggest buy-to-let lender, blamed the continuing downturn in the market for mortgages. [...]

September 25, 2008 | 0 Comments More
B&B heavily downgraded by credit ratings agencies

B&B heavily downgraded by credit ratings agencies

Credit ratings agencies have added to Bradford & Bingley’s (B&B) woes after the lender has been downgraded by Fitch Ratings from BBB+ status to BBB-, only one notch above ‘speculative grade‘, or informally known as ‘junk’. Meanwhile, Standard & Poor’s downgraded the lender from A-2 to A-3. Earlier this week, there were reports that the [...]

September 24, 2008 | 0 Comments More
B&B shares rise on takeover speculation

B&B shares rise on takeover speculation

Shares in Bradford & Bingley (B&B) rose this morning amid speculation that the Financial Services Authority (FSA) has been holding talks with potential buyers. In early trading, shares in the UK’s biggest buy-to-let lender rose 15% to 32p. Shares in B&B have lost over 90% in value over the last year. Like other banks, B&B [...]

September 22, 2008 | 0 Comments More
B&B sales director resigns

B&B sales director resigns

Troubled buy-to-let lender, Bradford & Bingley (B&B), has announced that Mark Stevens, its sales director, has resigned. The news comes at a bad time for the UK’s largest buy-to-let lender after it recently posted a loss of £26.7 million for the six months to the end of June. Commenting on the resignation, newly-appointed chief executive, [...]

September 1, 2008 | 0 Comments More
B&B posts £26.7m loss as arrears soar

B&B posts £26.7m loss as arrears soar

The UK’s biggest buy-to-let lender, Bradford & Bingley (B&B), has posted a loss of £26.7 million for the six months to the end of June. The result compares with a pre-tax profit of £180.4 million in the same period of 2007. Credit impairment charges for the six months rose to £74.6 million, up from £5.3 [...]

August 29, 2008 | 0 Comments More
Bradford & Bingley underwriters left holding stock

Bradford & Bingley underwriters left holding stock

Troubled buy-to-let lender, Bradford & Bingley (B&B), confirmed last week that 27.8% of its new shares, which were on offer at 55p each, have been taken up by investors. This left underwriters, Citigroup and UBS, to place the remaining 597 million new shares, worth £328.3 million, by last Friday. However, the underwriters were left holding [...]

August 25, 2008 | 0 Comments More
B&B underwriters left with 73% of shares after rights issue take-up

B&B underwriters left with 73% of shares after rights issue take-up

Troubled buy-to-let lender, Bradford & Bingley (B&B), has confirmed that 27.8% of its new shares, which were on offer at 55p each, have been taken up by investors. Consequently, underwriters, Citigroup and UBS will have to place the remaining 597 million new shares, worth £328.3 million, by Friday. Citigroup and UBS are being supported by [...]

August 18, 2008 | 0 Comments More
B&B shareholders back £400m cash call

B&B shareholders back £400m cash call

UK troubled lender Bradford & Bingley (B&B) held its extraordinary general meeting today in Sheffield and its shareholders are backing the £400 million rights issue to shore up its balance sheet. Existing shareholders, who voted in favour of the rights issue, will now have the opportunity to purchase new shares. B&B, which is the UK’s [...]

July 17, 2008 | 0 Comments More
Bradford & Bingley rescued by British banks

Bradford & Bingley rescued by British banks

Struggling former building society, Bradford & Bingley (B&B), is to be rescued by British banks due to pressure from the Financial Services Authority (FSA). The regulator has been taking responsibility for ensuring that B&B’s capital-raising does not head towards disaster after the criticism it received for neglecting to foresee the problems that led to the [...]

July 9, 2008 | 0 Comments More
B&B rescue plan under pressure as shares fall to all-time low

B&B rescue plan under pressure as shares fall to all-time low

Bradford & Bingley (B&B) saw its shares plunge to an all-time low of 42p today, well below the bank’s rights issue price of 55p, heightening fears about its fund-raising plans. This is just another blow to the lender after credit agency, Moody’s, cut its rating from A3 to Baa1, which resulted in US private equity [...]

July 7, 2008 | 0 Comments More
Bradford & Bingley hit with fees for failed TPG deal

Bradford & Bingley hit with fees for failed TPG deal

At the end of last week, Bradford & Bingley (B&B) announced it had been rescued by a group of UK investors, after US private equity firm Texas Pacific Group (TPG) pulled out of a deal, after credit rating agency, Moody’s, downgraded the lender’s debt. TPG walked away from a deal to inject £179 million into [...]

B&B rescued by investors after TPG walk away

B&B rescued by investors after TPG walk away

Struggling lender Bradford & Bingley (B&B) has been rescued by a group of UK investors after US private equity firm Texas Pacific Group (TPG) pulled out of a deal, after credit rating agency, Moody’s, downgraded the lender’s debt. This now means that B&B has the lowest credit rating out of all the major British banks [...]

July 4, 2008 | 0 Comments More