Government sells banking stakes thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
The U.K. government finalized its sale of mortgage lenders Bradford & Bingley and NRAM Limited for £5 billion. The U.K. government had nationalized Bradford & Bingley and NRAM Limited after the global financial crisis of 2008. Bradford & Bingley and NRAM Limited are formerly Northern Rock. The sale to Citibank and hedge fund Davidson Kempner […]
Last part of Northern Rock is sold by Government more than a decade on from bailout
The body set up to take charge of parts of Northern Rock and other failed banks has sealed a £5bn deal for their assets
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By Reuters Staff
2 Min Read
Feb 26 (Reuters) - The British government on Friday completed the 5 billion pound ($6.96 billion) sale of the final chunk of its ‘bad bank’ comprising failed lenders Bradford & Bingley and Northern Rock, which were nationalised because of the 2007-09 financial crisis.
UK Asset Resolution (UKAR), owned by the Treasury, was set up to manage more than 100 billion pounds of assets from the two collapsed lenders.
UKAR’s last remaining assets will be sold to a consortium of Davidson Kempner Capital Management and Citibank.
The British government separately owns a 62% stake in retail lender NatWest Group, previously named Royal Bank of Scotland. The government has struggled to reduce its holding since the bank’s crisis-era bailout.
Government sells last stakes in Bradford & Bingley and Northern Rock pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.