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Mr Cowdery - a former insurance salesman - revealed he plans to inject £400 million into the bank in exchange a significant shareholding, reports the Financial Times.
According to the newspaper, he is now expected to launch a campaign to win over Bradford and Bingley's shareholders for the proposal which would be executed through his Resolution vehicle.
Bradford and Bingley has been thrown into turmoil as a result of the current slump in the UK housing market.
The bank is continuing to recommend a revised rights offer from the private equity firm TPG Inc which would see the sale of a 23 per cent stake for £258 million, reports Bloomberg.
If that deal is cancelled, TPG will reportedly receive a one per cent breakup fee of the value of its planned investment.
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