Bradford & Bingley
Bradford & Bingley plc was a British bank with headquarters in the West Yorkshire town of Bingley.
| Company type | Public |
|---|---|
| Industry | Finance |
| Founded | 1964 |
| Defunct | 2010 |
| Fate | Nationalised in 2010. Its mortgages assets remained with Bradford & Bingley. Its deposits and branch network were sold to Abbey National plc, which was eventually renamed Santander UK plc. |
| Headquarters | Bingley, West Yorkshire , United Kingdom |
Key people | Richard Pym (Former Executive Chairman) |
| Products | Financial services |
| £572.3m (2007) | |
Net income | £93.2m (2007) |
Number of employees | 2,862 (FTE in 2007) |
| Parent | Davidson Kempner |
| Website | www |
The bank was formed in December 2000 by demutualisation of the Bradford & Bingley Building Society following a vote of the building society's members, who swapped their nominal share of the building society for at least 250 shares of the newly formed bank.
In 2008, partly due to the credit crunch, the bank was nationalised and in effect split into two parts; the mortgage book and investment portfolios remained with the now publicly owned Bradford & Bingley plc, and the deposits and branch network (and a licence to use the B&B name for those aspects) was sold to Abbey National, itself owned by the Spanish Santander Group. The branch network was rebranded Santander on 11 January 2010 and the Bradford & Bingley name mainly relates to the nationalised section of the bank. From 2010, the brand has been used under licence for insurance products by BGL Group.