B&B signals Pounds 300m rights issue, despite denials just a month ago

From: The Independent - London | Date: May 15, 2008| Author: Sean Farrell Financial Editor | Copyright information

Bradford & Bingley defended its 300m rights issue yesterday, saying the cash call was necessary to shore up the confidence of customers and investors.

The announcement was seen as a U-turn after the bank quashed rumours of an imminent cash call only a month ago. B&B also spurned the chance to unveil a fundraising with its annual general meeting on 22 April.

Steven Crawshaw, the bank's chief executive, said: "It is to rebuild confidence in the UK banking system and this bank in pa...

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