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UK confirms nationalization of Bradford & Bingley
Saudi Press Agency Published in Saudi Press Agency on 29 - 09 - 2008


The British government says it is
nationalizing troubled mortgage lender Bradford & Bingley.
The Treasury confirmed Monday that it will be taking over
the bank's 50 billion pound (US$91 billion) mortgage and
loan books to preserve the country's financial stability.
The Treasury will also be spending 18 billion pounds
(US$33 billion) to facilitate the sale of Bradford &
Bingley's retail deposit business and branch network to
Spanish banking group Santander, the Associated Press reported.

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