bradford_bingley_logo.jpgThe global credit crisis is far from over, as news broke out that Bradford & Bingley (LSE: BB, BB message board), a British bank is another casualty of the global economic sunset.

On Monday shares in banking sector fell sharply again after it had been announced that Bradford & Bingley will be nationalised and the Spanish bank Santander will be buying all of Bradford & Bingley's savings business.

Bradford & Bingley is the second British bank to go into the Government's hands. Northern Rock was nationalised this past February.

Santander, Spain's largest mortgages provider will pay $1.1 billion for Bradford & Bingley's 197 branches and £20 billion of deposits, according to the company's statement today.

According to the rescue plan, the British Government will take £50bn of the bank mortgages and loans into their hands.


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BB's shares sank to a record low as the credit crisis picked up a speed

In September, this year, the company's stock price melted to a record low. A few days ago the company said that that 370 jobs were to go.

Reference

http://www.bbg.co.uk/bbg/ir/news/releases/groupnews/pressrelease/?id=4765430