Bradford & Bingley ^Company

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. In 2008, partly due to the credit crunch, the bank was nationalised and in effect split into two parts; the mortgage book and investment portfolios remained with the publicly owned Bradford & Bingley plc, and the deposits and branch network (and a licence to use the B&B name for those aspects) was sold to Abbey National, itself owned by the Spanish Santander Group. In February 2021 government completed final £5 billion sale of Bradford & Bingley plc and NRAM Limited to a consortium comprising Davidson Kempner Capital Management LP (Davidson Kempner) and Citibank (Citi). The majority of the financing for the transaction was provided by funds managed by Pacific Investment Management Company LLC (PIMCO).