B&B names new chief as investors ignore rights issue

Lead underwriters Citigroup and UBS, supported by four institutional B&B shareholders and other sub-underwriters, will be forced to take on the remaining 597,263,479 new shares should buyers not be found by Friday. Bradford & Bingley looked to shareholders to foot the full 55p per share rights issue after US private equity firm TPG dropped plans to inject £179m in the ailing lender last month. Investors have shunned British banking cash calls in the last few months – with HBOS shareholders agreeing just 8.29% of its £4bn rights issue, while Barclays had a 19% take-up of its £4.5bn fundrai...