Saturday, September 27, 2008

Financial crisis: Bradford & Bingley likely to be nationalised by Treasury

By Edmund Conway and Katherine Griffiths Last Updated: 2:17AM BST 28 Sep 2008

Taxpayers face a multi-billion-pound bill as part of a plan to rescue the stricken mortgage lender Bradford & Bingley, it has emerged.
The biggest buy-to-let operator is on the verge of being nationalised by the Government as time runs out on attempts to find a private buyer.
B&B’s shares will be suspended when the stock market opens on Monday. By that point, the Government will either nationalise the bank or announce a deal to sell it.
Senior Treasury officials are working on a plan to take B&B into public ownership. That could be followed by a swift sale to a bank, with Santander of Spain – which also owns Abbey – seen as the favourite.

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