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Banks left short of time after rights retreat
Summary from the United Kingdom, from articles in English
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Bradford & Bingley and its underwriting advisers Citigroup and UBS were accused yesterday of failing B&B shareholders and of damaging the reputation of the City of London because of the former building society's botched capital-raising. (article 3)
Bradford & Bingley was under fire from institutional investors last night for selling a cut-price 23 per cent stake in itself to the American private equity investor TPG Capital without offering existing shareholders first refusal. (article 1)
B&B announced plans to sell $179 million of new shares to TPG and to replace the 82p a share rights issue with a more steeply discounted 55p issue raising $258 million. (article 1)
How important is Bradford & Bingley? The bank is the tenth biggest mortgage lender in the UK and the biggest buy-to-let lender in the mortgage market. (article 7)
Rod Kent was the obvious choice to take over as Bradford & Bingley's chief executive after the sudden departure of Steve Crawshaw and the bank's surprise profit warning. (article 4)
Mortgage lending slumped to a new low last month, raising fears that the slowdown in the housing market could be sharper than expected. (article 8)
Chief executive Steven Crawshaw is leaving the UK mortgage lender with immediate effect, and will be replaced by chairman Rod Kent in the short term. (article 9)
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Story keywords
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mortgage, Loans, Lenders, Bank, issue |
Source articles
- Bradford & Bingley investors incensed over cut-price sale of stake to TPG Capital (business.timesonline.co.uk, 06/03/2008, 824 words)
- B&B sees loss in wake of downturn (BBC News, 06/02/2008, 610 words)
- Bradford & Bingley denounced for damaging City reputation (business.timesonline.co.uk, 06/04/2008, 538 words)
- Rod Kent was natural choice to take over Bradford & Bingley (business.timesonline.co.uk, 06/03/2008, 315 words)
- Banking & Finance News (business.timesonline.co.uk, 06/04/2008, 375 words)
- Background on TPG, Bradford & Bingley's big investor (business.timesonline.co.uk, 06/03/2008, 555 words)
- Bradford & Bingley: the key questions answered (business.timesonline.co.uk, 06/03/2008, 1027 words)
- Gloom deepens as lending slumps and borrowers fall into arrears (business.timesonline.co.uk, 06/03/2008, 840 words)
- Bradford & Bingley chief resigns (BBC News, 06/01/2008, 402 words)
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blaster@cs.columbia.edu
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