Bradford & Bingley came under fresh pressure today after the underwriters in its disastrous £400million rights issue were left holding millions of shares.

The bank's "third time lucky" fundraising was supported by only 27.84% of shareholders when it closed last week leaving Citigroup and UBS and a number of subunderwriters holding the remaining 72.16%.

B&B today admitted the investment banks have failed to sell any of the socalled rump, leaving them with large stakes in the troubled company.

The shares rose 1¼p to 52"p, still below the 55p price at which the rights issue was launched.

The underwriters had until 4.30pm today to sell the shares at or above 55p but did not find any takers. B&B said:

"The underwriters have informed the company that they are of the opinion that it is unlikely that any subscribers can be procured at a price per new share which is at least equal to the issue price of 55p per new share."

At 55p, the 597million-plus shares held by the underwriters and subunderwriters were worth £328million.

With shares at current levels, they have already made paper losses of around £20million, just under half their £55million fee.

Five rival High Street banks, including Barclays and HBOS, are among the subunderwriters, along with the big four institutional shareholders Standard Life, Legal & General, M&G and Barclays Global.

HBOS this week increased its stake in B&B to 5% and Barclays took its holding up to 7.42%.

B&B said the underwriters and subunderwriters have entered a lockup with the bank and agreed not to sell any of the shares left over in the rump for 20 days.

It marked a difficult start for former Alliance & Leicester boss Richard Pym, who was parachuted in as chief executive of B&B this week. He will earn £2.25million in his first 10 months.

The £400million rights issue was B&B's third fundraising attempt after a previous effort at 82p was scrapped and a deal with US private-equity house Texas Pacific Group collapsed.