The government announced plans to nationalise Bradford & Bingley on 29 September 2008, after agreeing a partial rescue deal with Santander.
The Spanish bank took on the embattled mortgage lender’s £21bn deposit book and branches, after a run on the bank had seen retail savers withdraw tens of millions of pounds.
B&B’s unwanted mortgage book and investment portfolio went into public ownership and remained there until February 2021, when they were sold to Davidson Kempner Capital and Citibank.
The bank’s demise had come as house sales hit their lowest level since 1959.
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