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Bradford & Bingley nationalized by U.K. government
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| Contributor | Ashley |
| Last Edited | Ashley Sep 29, 2008 10:43am |
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| Category | News |
| News Date | Monday, September 29, 2008 03:20:00 PM UTC0:0 |
| Description | LONDON (MarketWatch) -- The U.K. government said Monday that mortgage bank Bradford & Bingley is being nationalized after investors and lenders lost confidence in the group, leaving it unable to continue funding its operations.
The bank's retail deposit business and branch network is being sold to Banco Santander's Abbey division for 612 million pounds ($1.12 billion), while the remaining assets and liabilities, including its roughly 42 billion pound mortgage book, will be taken into public ownership.
In a statement the U.K. Treasury said it had sought other private-sector solutions, but decided nationalization was the best option for maintaining financial stability and protecting customers and taxpayers. |
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