Bradford & Bingley
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| Bradford & Bingley | |
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| Type | Public |
| Founded | 1865 |
| Headquarters | Bingley, West Yorkshire |
| Key people | Rod Kent, Chairman and Chief Executive |
| Industry | Finance |
| Products | Financial Services |
| Operating income | £572.3m (2007) |
| Net income | £93.2m (2007) |
| Employees | 2862 (FTE in 2007) |
| Website | www.bbg.co.uk |
Bradford & Bingley plc (LSE: BB.) is a British bank headquartered in the Yorkshire town of Bingley. It was formed by the flotation of the former Bradford & Bingley Building Society on 4 December 2000. Previously, as a building society, the Bradford & Bingley was owned by its customers. When it floated on the London Stock Exchange, members of the society received free shares worth up to £5,000.
Bradford & Bingley Building Society was formed in 1964 as a result of the merger of the Bradford Equitable Building Society and the Bingley Permanent Building Society, both of which were established in 1851.
Today Bradford & Bingley is one of the United Kingdom's largest mortgage lenders with an estimated 2.9% share of total mortgage balances outstanding at the end of 2006 making it the 10th largest residential mortgage lender in the UK[1]. Bradford & Bingley's approach to mortgage advising has been innovative in the past as they advised on and sold other providers mortgages as well as their own from 2000-2006. In late 2006, as part of their aim to become the UK's leading Specialist Lender, Bradford & Bingley reverted to selling only their own mortgages under the Mortgage Express and Bradford & Bingley brands. In addition, Bradford & Bingley acquires mortgages from GMAC-FRC and Kensington Mortgage Group Ltd, this accounted for 35% of gross residential advances in H1 2007[2].
The group runs two distinct businesses: retail and lending.
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[edit] Retail
Bradford & Bingley distributes brand-name and third party financial products. As at 31 December 2007 they had 197 branches and 140 third party agent locations offering retail products and face to face advice in addition to online- and intermediary distribution[3].
[edit] Lending
B&B has its own lending products including mortgage and commercial real estate products. Bradford & Bingley International is an an offshore subsidiary based in the Isle of Man. Bradford and Bingley also provides loan quotes through Comparetheloan for those who do not have a B&B branch locally.
[edit] Mortgage Express
Bradford & Bingley purchased Mortgage Express from the then Lloyds Bank in 1997. Bradford & Bingley have developed Mortgage Express into a 'niche' lending brand dealing with specialist lending with more complicated underwriting requirements such as Buy to Let and Self Certification mortgages. Mortgage Express has been the largest Buy to Let mortgage provider by balances outstanding since 2001 when the Council of Mortgage Lenders started tracking the market[4].
[edit] Sponsorship
Bradford and Bingley sponsors both Bradford City A.F.C. and Yorkshire County Cricket Club. Bradford and Bingley has recently ceased being stadium sponsors of Bradford City A.F.C., which it has been since 1999. However, it does remain the club's team sponsor, an agreement which commenced in 2006.
[edit] References
[edit] External links
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