Thrifts and Mortgage Finance
Company Overview of Bradford & Bingley plc
Bradford & Bingley plc, together with its subsidiaries, operates as a servicer of mortgage loans secured on residential properties and of associated services in the United Kingdom. It focuses on helping its existing mortgage borrowers to pay-off their mortgages or find deals elsewhere. The company was founded in 1851 and is based in Bingley, the United Kingdom. Bradford & Bingley plc is a subsidiary of UK Asset Resolution Limited.
Bingley, BD16 2UA
Founded in 1851
Key Executives for Bradford & Bingley plc
Finance Director and Director
Head of Capital Markets & Securitisation
Compensation as of Fiscal Year 2012.
Bradford & Bingley plc Key Developments
Bradford & Bingley plc Announces Change of Accounting Reference Date from December 31 to March 31
Mar 25 13
Bradford & Bingley plc has decided to change the group's accounting reference date from December 31 to March 31. Therefore, the group's next annual report and accounts will cover the 15 months to March 31, 2014.
Bradford & Bingley plc Reports Consolidated and Standalone Earnings Results for the Six Months Ended 30 June 2012
Jul 27 12
Bradford & Bingley plc reported consolidated and standalone earnings results for the six months ended 30 June 2012. For the period, on a consolidated basis, the company reported underlying profit before tax for the first half of £481.4 million, down from a £591.8 million profit in first half of 2011. This reduction in profit was due to the reducing balance sheet and the increase in interest payable on the group's Government loans, partly offset by lower loan impairment charge resulting from an improvement in arrears. Statutory profit before tax was £351.0 million compared to £541.5 million in first half of 2011.
For the period, on a standalone basis, the company reported underlying profit before tax reduced to £66.3 million from £200.2 million in the first half of 2011, after incorporating an additional £141 million interest payable to the Government. Statutory profit before tax was £45.7 million compared with £202.5 million in the first half of 2011.
Northern Rock (Asset Management) Plc and Bradford & Bingley Plc Announces Results of Tender Offers
Jul 5 12
Bradford & Bingley Plc and Northern Rock (Asset Management) Plc (NRAM) announced that the tender offers expired at 4.00 p.m. (London time) on July 3, 2012. B&B and NRAM have received tender instructions for approximately £1,188 million (or the equivalent in other currencies, as appropriate) in aggregate principal amount outstanding of the notes and have decided to set the aggregate final acceptance amount at £534 million (or the equivalent in other currencies, as appropriate) in aggregate principal amount outstanding of the Notes. Accordingly, B&B has determined the class acceptance amount and purchase price for each series and class of the Aire Valley Notes and NRAM has determined the class acceptance amount and purchase price for each series and class of the granite notes and the Whinstone Notes in respect of which Offers have been accepted. B&B (in respect of the Aire Valley Notes) and NRAM (in respect of the Granite Notes and the Whinstone Notes) will accept for purchase the notes tendered pursuant to valid non-competitive tender instructions (being Tender instructions that either did not specify a purchase price for the relevant notes or specified a purchase price less than or equal to the relevant minimum purchase price) and any other notes tendered pursuant to valid competitive tender instructions, each as set out in the table below, at or below the purchase price for the relevant series and class. There will be no scaling of tenders of notes. B&B (in respect of the Aire Valley Notes) and NRAM (in respect of the Granite Notes and the Whinstone Notes) will also pay an accrued interest payment in respect of relevant notes accepted for purchase pursuant to the offers. The expected settlement date for the offers is July 9, 2012. Barclays Bank PLC and Citigroup Global Markets Limited are acting as dealer managers for the Offers and Citibank, N.A. London Branch is acting as tender agent.
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