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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Sunday 1st June 2008
After news that US investor Texas Pacific is set to take a stake of about 20% in troubled UK bank Bradford & Bingley, many analysts believe that the company’s days as an independent are numbered. The move by Texas Pacific has come at the perfect time for investor with the recently announced fund raising seemingly in trouble and profits set to fall further than many analysts had first thought.
This chapter in the public life of Bradford & Bingley is tinged with some sadness with news that the company’s chief executive has been forced to retire due to a serious heart condition. While business is a cold sector there can be few who would have swapped places with Stephen Crawshaw over the last few months.
There is speculation that while the bottom of the banking cycle may still be some way off, the vultures are starting to circle their prey and this will not be the last such deal for a UK bank. On the plus side, Bradford & Bingley will be receiving an additional £150 investment from their new shareholder while existing shareholders will still be asked to stump up £250 million. It seems as though Bradford & Bingley may be about to receive a new lease of life. |
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