Bradford & Bingley Building Society was formed in 1964 as a result of the merger of the Bradford Equitable Building Society and the Bingley Building Society, both of which were established in 1851. In July 2000 the Society’s voting members overwhelmingly endorsed a proposal from the Board of Directors to convert to a public limited company. The flotation on the London Stock Exchange took place on 4 December 2000 and Bradford & Bingley plc (“B&B”) was formed.
On 29 September 2008, all of Bradford & Bingley's retail deposit accounts (along with its branch network) were transferred to Abbey, part of the Santander Group. The rest of the business, including the mortgage operation and headquarters, was taken into public ownership by the Government.
We are now permanently closed to new mortgage business and are unable to offer new deals or further loans to existing borrowers. Our overarching objective is now to repay and create value for UK taxpayers by reducing the size of our mortgage book, so we are focussed on helping customers pay-off their mortgages or find better deals elsewhere. We also have a vested interest in ensuring borrowers continue to manage their mortgages effectively, so we remain committed to supporting them and providing a high standard of service for as long as they remain customers with us.