Bradford & Bingley

Originally a building society founded in 1851, Bradford & Bingley demutualised in 2000 to become a public limited company and bank. It specialised in buy-to-let and self-certification mortgages. During the 2008 financial crisis, the bank faced severe financial distress and was nationalised by the UK Government. Its savings business and branch network were sold to Santander UK, while its mortgage book and loans were taken into public ownership. Today, Bradford & Bingley plc, along with its subsidiary Mortgage Express, operates as a "zombie bank" under the administration of UK Asset Resolution (UKAR), with its primary mission being to manage down its closed mortgage book and repay its debt to the UK taxpayer.