Bradford & Bingley safe
Following the announcement of larger than expected losses and tumbling share prices, it should be stressed that Bradford & Bingley is safe, according to the Government.
Chancellor Alistair Darling said he believed that the lender is doing the right thing by selling the 23% stake in its business to Texas Pacific for £179 million. It is also planning a rights issue to raise a further £258 million from its existing shareholders. The lender will raise around £400 million in total.
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