Rod Kent was the obvious choice to take over as Bradford & Bingley’s chief executive after the sudden departure of Steve Crawshaw and the bank’s surprise profit warning.

A City grandee, Mr Kent, 60, is known from his time at Close Brothers, first as chief executive and then as chairman — a role that he relinquished yesterday in order to concentrate on B&B.

He has been B&B’s chairman for almost six years and therefore is well-versed in the troubled lender’s problems — the most pressing being how to raise £258 million successfully through a rights issue and return the company to profit after an £8 million loss for the first four months of the year.

It is hoped that Mr Kent will be able to guide B&B through its rights issue, find a new chief executive and leave a solid business for someone else to take on.

He said yesterday: “The last few weeks have been challenging for Bradford & Bingley and this is a disappointing trading update reflecting a more difficult market environment. I understand the disappointment of the shareholders.”

Mr Kent joined Close Brothers, Britain’s oldest independent finance house, in 1974, having started his City career with Schroders. Four years later he was involved in organising a management buyout of the mid-tier investment bank.

Educated at King’s School, Canterbury, and Oxford University, where he read Classics, Mr Kent also has an MBA from Insead.

A keen sportsman, who speaks French and German, he is chairman of Grosvenor Limited and of the BT pension scheme trustees and is a former chairman of M&G, the fund management group.

He is chairman of Bradford & Bingley’s nominations committee, a member of the remuneration committee and of the balance sheet management committee.

Mr Kent is married with three daughters. His interests outside the City include dairy farming and restoring antique furniture.

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