LONNDON (AFP) -- British investment group Resolution said Friday it had abandoned its funding plan for home-loans provider Bradford & Bingley because of opposition from management at the group it sought to buy.

The news sent B&B's share price tumbling by almost a quarter in value on the London Stock Exchange as prospects of a bidding competition disappeared.
On Tuesday, B&B had rejected Resolution's offer to provide 400 million pounds (500 million euros, 778 million dollars) of capital to the cash-strapped lender which specializes in mortgages for investors buying homes to rent.
B&B had agreed earlier this month to sell a 23 percent stake to US investment group TPG Capital for 179 million pounds as it seeks to secure fresh funds amid the ongoing global squeeze on credit.
The global credit crunch erupted in August 2007 after the collapse of the U.S. sub-prime or high-risk home loan sector.
Lending cash
Commercial banks remain jittery about lending cash to each other amid uncertainty over the banking sector's sub-prime exposure.
""The board of Resolution Limited (Resolution) has withdrawn its share placing proposal for Bradford & Bingley,"" Resolution said in a statement, which claimed its plan had won ""overwhelming support"" from B&B shareholders.
Resolution added: ""The entrenched position of the board of Bradford & Bingley has prevented the constructive engagement necessary to finalise this proposal.
""Given this, Resolution believes it cannot responsibly continue to recommend this proposal to Bradford & Bingley's investors.""
In early afternoon trading, B&B shares plunged by 22.5 percent to 62 pence on London's second-tier FTSE 250 index, which in turn shed 0.36 percent to 9,074.20 points.
B&B shares had surged by more than 10 percent on Monday after Resolution had announced details of its funding plan. The struggling bank, which has suffered from a property market slowdown in Britain, warned earlier this year that increasing levels of unpaid debt had slashed profits.
The world's biggest banks have incurred hefty losses because of complex securities products that were effectively failed bets on high-risk Americans repaying their mortgages.