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Treasury to appoint B&B valuer

The Treasury is seeking to appoint an independent valuer for Bradford & Bingley (B&B), the buy-to-let lender that came close to collapse in September 2008.

At the time, parts of the bank, including its savings account business and branch network, were sold to Spanish banking group Santander and merged with its UK subsidiary, Abbey.

However, B&B’s £41 billion mortgage book passed into public ownership.

The job of valuer involves assessing the level of compensation that should be paid to shareholders.

The interview panel comprises the same members that appointed a valuer for failed mortgage bank, Northern Rock.

B&B shareholders at the time of the banks demise are being invited to update their contact details via the lender’s website.

In January, a group of B&B shareholders announced that they had instructed solicitors to seek redress against the bank’s former directors.

B&B completed a rights issue in August of 2008, weeks before its collapse.

Around 1,200 shareholders took up just 28% of their rights leaving underwriters Citigroup and UBS with 72% of the new stock.

Members of the Bradford & Bingley Rights Issue Action Group are claiming that they were misled by B&B’s board.

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