Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Bradford & Bingley second UK bank failure for 2008

Staff Reporter 1 minute read

Bradford and Bingley has become the second UK bank to be nationalised this year as a result of the worsening credit crisis.

After seizure by the British government, Banco Santander yesterday agreed to purchase Bradford and Bingley’s 197 branches, £20 billion (A$45 billion) worth of deposits and employees, for £612 million (A$1.4 billion).

The bank’s £41 billion (A$92 billion) of mortgage assets will remain under public ownership.

The transfer of branches and deposits to Banco Santander will increase its subsidiary Abbey’s market share to around 10 per cent of the UK market.

Published: 30-09-209

Advertisement
Advertisement

Today's other news

Bradford & Bingley second UK bank failure for 2008
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
mortgage choice 850 Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB