The building society which has been a victim of the credit squeeze as it relied heavily on buy-to-let, would scrap its plans for a rights issue and investment from US private equity firm Texas Pacific Group (TPG). Resolution group would then put up the £400m the mortgage bank has said it needs to raise.Resolution said it would formally put forward proposal by 4 July, three days before B&B shareholders are due to vote on the TPG plan. It will spend the next fortnight trying to persuade other shareholders.
Lucy Trueick
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