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More than a third of B&B members opt to sell shares

Bradford & Bingley has reported that 38.5 per cent of members have opted to sell their shares when the bank floats next week.

Members of B&B voted in April to list the company but reserved the right to keep their 250 shares or sell them in an institutional auction.

Chief executive Christopher Rodrigues says:"Thirty-eight per cent of shares flowing in is a pretty good place to be as it’s a big enough chunk to allow institutional investors to take a meaty holding."

B&B senior communications officer James Evans believes the amount of those keeping their shares is also a good sign.

He says "We are very pleased that over 60 per cent want to keep their shares and invest in the future of B&B."

"This figure looks even better when you bare in mind that Christmas is around the corner and this would have encouraged more members to cash in their shares."

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