|
|
Banks left short of time after rights retreat
Summary from multiple countries, from articles in English
|
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 4)
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 4)
On Tuesday, bankers and investors said it would still be possible for a British bank to launch a rights issue, though they said that underwriters would be even more cautious than before when pricing the issue. (article 7)
Rod Kent, the Bradford & Bingley chairman now with executive responsibilities, spent Tuesday locked in meetings at the bank's London offices in Lambs Conduit Street sorting out the turmoil at the UK's biggest buy-to-let lender. (article 1)
Steven Crawshaw is to step down just weeks after the UK's 10th largest mortgage lender launched its controversial $300m rights issue aimed at repairing its battered balance sheet. (article 2)
The bank, which is expected to issue a profits warning due to rising mortgage arrears, said Mr Crawshaw had left because of "a serious cardiovascular condition". (article 2)
|
Other summaries about this story:
Other stories about mortgage, Loans and Lenders:
Event tracking:
Story keywords
|
mortgage, Loans, Lenders, Bank, issue |
Source articles
- B&B’s acting chief pinpoints three priorities (ft.com, 06/03/2008, 634 words)
- B&B chief quits after £300m cash call (ft.com, 06/01/2008, 460 words)
- TPG buys £179m stake in B&B (ft.com, 06/02/2008, 484 words)
- 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)
- Banks left short of time after rights retreat (ft.com, 06/03/2008, 659 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)
|
|
blaster@cs.columbia.edu
|
