FACTBOX - Key facts about bank Bradford & Bingley

Sun Sep 28, 2008 10:50pm BST
 
Email | Print | | Single Page
[-] Text [+]

(Reuters) - The government is leading talks on a rescue of troubled mortgage lender Bradford & Bingley, which is expected to result in it being nationalised.

A statement on its future will be made on Sunday or early Monday. Following are key facts about Bradford & Bingley (B&B):

* A former building society formed in 1964 from the merger of the Bradford Equitable Building Society and the Bingley Building Society. Both those societies were established in 1851 to support people of northern English mill towns.

* B&B demutualised in July 2000 and listed on the stock exchange in December that year. Some 40 percent of the bank's shares are still held by retail investors.

* In recent years, B&B has transformed itself into a specialist mortgage bank and is Britain's largest buy-to-let lender, providing loans to landlords and property investors. It also provides "self-cert" mortgages, or loans for the self-employed and those with more than one job, and a "lifetime" mortgage, allowing borrowers to release the equity they have built up in their main residence.

* It has 197 branches and 140 branch-type agencies.

* The bank has around 2 million mortgage customers and 1 million savings customers. It has telephone and online channels and B&B products are also sold through brokers and intermediaries under the Mortgage Express brand.

* It has about 3,200 employees.

* Its headquarters are in Bingley, West Yorkshire.  Continued...

 
Detail showing a commercial U.S. Dollar rate against British Sterling is displayed in central London in this file photo December 1, 2006.  REUTERS/Toby Melville
Pound picking up strength

Sterling will gradually strengthen against the dollar over the next 12 months but is unlikely to move much, a Reuters poll shows.  Full Article | Related Story 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos