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Bradford and Bingley has become the second UK bank to be nationalised this year as a result of the worsening credit crisis.
After seizure by the British government, Banco Santander yesterday agreed to purchase Bradford and Bingley’s 197 branches, £20 billion (A$45 billion) worth of deposits and employees, for £612 million (A$1.4 billion).
The bank’s £41 billion (A$92 billion) of mortgage assets will remain under public ownership.
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The transfer of branches and deposits to Banco Santander will increase its subsidiary Abbey’s market share to around 10 per cent of the UK market.
Published: 30-09-209
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