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Bradford & Bingley plc was a British bank with headquarters in the West Yorkshire town of Bingley.. 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.
Bradford & Bingley International (BBI) was the international banking subsidiary of Bradford & Bingley, which was itself acquired by the Santander Group in 2008.. On 5 August 2011, the business of BBI was transferred to Alliance & Leicester International (ALIL), also a subsidiary of Santander, ahead of the expiry of a trademark licence on the Bradford & Bingley name and image.
In January 2010, the savings business of Bradford & Bingley was combined with the bank, and Abbey National plc was renamed Santander UK plc. [1] Prior to the takeover, Abbey National plc was a constituent of the FTSE 100 Index .
In November 2008 the government set up a new company, UK Financial Investments, to manage their shareholdings in Northern Rock and Bradford & Bingley. [70] On 10 March 2009 the Office of Fair Trading published their report on the impacts of public support for Northern Rock on competition in financial services. The OFT concluded that "public ...
It was established in October 2010 as a bad bank to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and NRAM plc (previously known as Northern Rock Asset Management), of the two nationalised banks in the wake of the financial crisis of 2007 and 2008.
The bank has its origins in three constituent companies—Abbey National, Alliance & Leicester and Bradford & Bingley—all former mutual building societies. Abbey National, trading as Abbey, had been bought by the Santander Group in July 2004 for £9 billion.
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Bingley Building Society was a UK building society, which merged with the Bradford Equitable Building Society in 1964 to form the Bradford & Bingley Building Society. Bradford & Bingley fell victim to the financial crisis of 2007–2010 and is now part of Santander UK , while its mortgage book is owned by UK Financial Investments Limited .