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Shareholders in UK bank B&B back rights issue

Thu Jul 17, 2008 2:12pm IST
 
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SHEFFIELD, England, July 17 (Reuters) - Shareholders in embattled UK bank Bradford & Bingley BB.L voted on Thursday to back a planned 400 million pound ($800 million) rights issue.

With underwriters, investors and six major UK banks stepping in to support the rights issue, shareholders gathering in Sheffield, in northern England, had been expected to vote in favour of the plan -- even though the mortgage bank's battered shares are still trading below the rights issue price of 55p.

(Reporting by Clara Ferreira-Marques)

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