Business News
British mortgage lender in profit warning - help from US
Jun 2, 2008, 7:57 GMT
London - A leading British mortgage lender issued a profit warning Monday but also confirmed that it had sold a 23-per cent stake to a top US equity firm to bolster its finances.
Bradford & Bingley, Britain's leading buy-to-let lender, said US investor Texas Pacific Group (TPG) had agreed to inject 179 million pounds (358 million dollars) in return for its share.
The mortgage lender, Britain's eight-biggest, warned that underlying profits for the first four months stood at 56 million pounds, compared with 108 million for the same period in 2007.
Bradford & Bingley said it still needed to raise 258 million pounds from shareholders in a rights issues.
On the eve of the announcement, the bank's chief chief executive, Steven Crawshaw, stepped down, citing health reasons.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
