Huge blow for the former B&B shareholders

According to an independent valuer, the former investors of the Bradford & Bingley would not get any compensation after the firm was split and sold. The bank was split into parts after the banking crisis and the good parts were sold to Santander. The independent valuer Mr. Peter Clokey has said that the Treasury would not offer any compensation to the former shareholders.

This move would harm at least 935,000 investors of the bank. The shares of the firm B&B was closed at 20 points in the lat day of its trading before the split 0f the group. The good part was sold and the dreadful part of the bank stayed with the government.

The B&B shareholders action group is planning to appeal against the decision taken by Mr. Clokey. Earlier the group had made it very clear that any valuation of per share below 55 points would be considered as a breach of the deal.

That was awful for the B&B shareholders as well as for the UK shareholders. But Mr. Clokey has said that there was no other way left for the government.