Bradford and Bingley asks for £300m
8:24am Friday 16th May 2008
MORTGAGE bank Bradford and Bingley yesterday asked shareholders for £300m in a bid to bolster its balance sheet.
The rights issue, which will see shares offered at a 48 per cent discount to the company's share price on Tuesday, follows similar moves by larger banking groups Royal Bank of Scotland and Halifax Bank of Scotland.
Bradford & Bingley denied as recently as last month that it was planning to carry out a cash call.
However, it said that the move would reinforce its position as one of the UK's "better capitalised" banks.
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