B&B Shareholders to the rescue July 4th, 2008

Existing shareholders of Bradford & Bingley - Insight Investment, Legal & General, M&G and Standard Life - will purchase £400m worth of new shares following the withdrawal of Texas Pacific Groups (TPG) offer to buy 23% of the British Bank.

TPG walked away from the deal as news came through that Moody’s credit rating agency downgraded Bradford & Bingley’s rating. As it was at the eleventh hour, it was vital that alternative funding sources were found.

Bradford & Bingley has been hit hard by the credit crunch as it is one of the country’s largest buy-to-let lenders and it needs to shore up its Balance Sheet with new funds. There have been concerns that it was another Northern Rock and its share price has reflected these sentiments.

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