Reuters: Britain nationalizes Bradford and Bingley

[chris]

Britain nationalizes Bradford and Bingley
      

LONDON (Reuters) - Britain nationalized Bradford & Bingley on Monday, making the buy-to-let mortgage lender the second bank to be taken into public ownership this year as a deepening financial crisis claims more victims around the world. After intense weekend talks failed to find a completely private sector solution, the Treasury said it would take over B&B's mortgage portfolio and sell its branches and deposits to Spanish bank Santander, which owns domestic rival Abbey.
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