Bradford and Bingley Rebuke

Bradford and Bingley Rebuke

Bradford and Bingley and the FSA have slammed reports other high street banks rushed to the rescue of the lender at the request of the City watchdog.  Media reports suggested HBOS, Abbey, Barclays, Lloyds TSB, Royal Bank of Scotland and HSBC had been pressured into buying shares in a bid to prop up the bank.  Head of group PR for Bradford and Bingley, Nickie Aiken, said the reports were “utter rubbish”, while the FSA issued a statement denying any truth in the story.

Britain’s biggest buy-to-let lender has come under scrutiny in recent months as the plan to raise funds through a rights issue hit several snags.  We suggest the rights issue would eventually go through but the lender would be forced into selling a stake due to the high cost involved in raising the funds.  

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