PwC wins contract to value Bradford & Bingley


PricewaterhouseCoopers has been awarded a £4.8m contract to value Bradford
& Bingley which was nationalised last September as the banking crisis took
hold. PwC partner Peter Clokey now has to determine what compensation, if any,
will be paid to the bank’s former 930,000 shareholders.

Clokey described the assignment as ‘very complex’. Shareholders have already
flagged their intention to challenge the matter in court if the valuation is too
low. Clokey said: ‘I will be gathering and reviewing a significant amount of
information about the financial position of the bank in the weeks leading up to
the end of September last year.’

The Treasury has offered no time frame for the valuation.

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