Steven Crawshaw, chief executive of Bradford & Bingley , is to step down just weeks after the UK’s 10th largest mortgage lender launched its controversial £300m rights issue aimed at repairing its battered balance sheet.

The bank, which is expected to issue a profits warning due to rising mortgage arrears, said Mr Crawshaw had left because of “a serious cardiovascular condition”. It is thought he has been suffering from angina attacks in recent weeks and the condition has only been recently diagnosed.