[UK] Bradford and Bingley plc - Retail
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:
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.