Britain nationalizes ailing mortgage lender
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Published
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Thu, 02 Oct 2008 13:33
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London - The British government Monday announced the partial nationalization of ailing mortgage lender Bradford & Bingley (B&B), the second bank this year to be taken into public ownership. Spanish banking giant Santander is to take over the savings and deposits business of B&B, worth 20 billion pounds (36.4 billion dollars), a statement said. The bank's volatile loans and mortgage business, worth an estimated 50 billion pounds, will be transferred into temporary public ownership.
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