Bradford & Bingley shareholders have approved the bank’s £400m rights issue at an extraordinary general meeting in Sheffield.

Under pressure: the beleaguered bank’s executive chairman Rod Kent told disgruntled shareholders that he was confident it could remain independent

The backing means the lender can now go ahead with its cash call, which had been restructured after private equity group TPG withdrew its financial backing.

Standard Life, one of the major shareholders backing the new 55pa-share rights issue, told yesterday’s meeting it was 'clearly disappointing' that shareholders had been called in to help the bank.

Just 56 shareholders attended the early morning meeting at the Sheffield Arena, which has the capacity to hold more than 12,000 people. A show of hands was taken, rather than usual electronic voting. Including proxy voting, 93% backed the cash call.

Daily Telegraph, The Times