NATIONALISED lender Bradford & Bingley hopes to stave off closure by turning itself into a mortgage services firm.
Managing director Richard Banks, who is in charge of winding down the business, said that if the firm becomes a top mortgage services firm, a third party could buy its £40bn loan book and B&B could run the mortgages.
B&B has axed hundreds of posts in the past year, but Mr Banks said the new strategy could safeguard hundreds of jobs.
The group’s savings business was sold to Abbey and Alliance & Leicester owner Santander a year ago.
