Bradford & Bingley Collapse and Transfer Details

In 2008, Bradford & Bingley collapsed due to the global financial crisis, and was subsequently transferred to a new entity called the Asset Protection Scheme.

The transfer was a significant event, as it involved the transfer of £50 billion of Bradford & Bingley's assets to the Asset Protection Scheme.

This move was aimed at protecting depositors' funds and preventing a complete collapse of the bank.

The transfer was completed on September 28, 2008, marking a major turning point in the bank's history.

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Bradford & Bingley was founded in 1855 in West Yorkshire, England. The bank's early success was largely due to its innovative approach to banking, which included offering loans to small businesses and individuals.

The bank's first branch opened in Bingley in 1857, and it quickly expanded to other towns in the area. By the early 1900s, Bradford & Bingley had a network of over 20 branches.

In 1912, the bank was granted a royal charter, which allowed it to issue its own banknotes. This move helped to establish Bradford & Bingley as a major player in the UK banking industry.

The bank's assets grew steadily throughout the 20th century, and by the 1980s it had become one of the largest building societies in the UK.

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Bradford & Bingley sold its insurance businesses, including home, motor, travel, and PPI insurance, in 2010.

Budget Insurance Services Limited (BISL) currently uses the Bradford & Bingley brand under licence for home insurance sales.

For information about your home insurance policy, including product details and contact information, please refer to your latest policy documentation.

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In 2008, Bradford & Bingley's profits almost halved due to £226m of impairment charges and one-off losses related to sub-prime mortgage-related investments.

The bank denied reports that it planned to raise funds through a rights issue, but later admitted plans to raise £300m from investors at 82p a share.

Bradford & Bingley's CEO, Eric Crawshaw, apologized for the bank's u-turn, which was a significant change in direction.

The bank's troubles continued when it issued a profit warning and repriced its rights issue at 55p a share, angering investors and leading to the sale of a 23% stake to US private equity firm TPG for £179m.

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Eric Crawshaw stepped down as CEO and was replaced by Ron Kent, the bank's chairman, until a new CEO was found.

Clive Cowdery's investment vehicle, Resolution, attempted to take over the bank, but Bradford & Bingley rejected the approach, citing uncertainty and a loss of control.

Resolution ultimately walked away after the bank refused to open its books to the group.

TPG pulled out of the capital injection after Moody's downgraded B&B's debt, but the four rebel shareholders were ready to step in.

Investors approved the £400m rights issue at an extraordinary meeting, but more than three-quarters of shareholders shunned the fundraising.

The bank's shares plunged below the 55p offer price, and the Financial Services Authority drew up contingency plans for the bank in case of further falls.

The bank's new CEO, Richard Pym, was appointed in August, but the shares continued to struggle, and the bank was forced to axe 370 jobs and announce further asset writedowns of over £250m.

The bank's attempts to engineer a rescue takeover by Spain's Banco Santander were ultimately unsuccessful, and the shares slumped to a new low.

Insurance and Protection is an essential aspect of our financial lives. Bradford & Bingley sold and transferred its insurance businesses in 2010, including home, motor, travel, and PPI insurance.

If you're looking for home insurance, you can use the Bradford & Bingley brand under licence through Budget Insurance Services Limited (BISL). Please refer to your latest policy documentation for the details and contact information.

If you hold an investment product originally arranged through Bradford & Bingley, it should continue to operate as per its existing terms and conditions.

Your product provider's contact details can usually be found on correspondence they've sent you, so start by reaching out to them if you need information on your investments.

If you purchased investments before 2005 and were advised by Bradford & Bingley, they may not have up-to-date details about your policy, so it's best to contact your product provider first.

To contact Bradford & Bingley / Mortgage Express, write to them at PO BOX 117, Skipton, BD23 9FG.

If you invested with Bradford & Bingley since 2005, your investment is now the responsibility of Santander, so you should contact them for further information.

You can find Santander's contact details on their website, which is a good place to start if you need help with your investment.

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