TROUBLED lender Bradford & Bingley today said investors had bought more than one in four of the new shares offered under its £400 million fundraising plans.
B&B said 27.8% of its new shares had been taken up by investors when the deadline for the rights issue expired on Friday.
Although better supported than a recent rights issue by rival Halifax Bank of Scotland, almost £300 million of B&B’s new shares will be left with underwriters backing the cash call.
B&B announced a rights issue in July in an attempt to bolster its finances.
Other UK banks, including HBOS, Royal Bank of Scotland and Barclays, have sought to raise extra cash after they have been hit by the credit crunch.