On 26 February 2021 UKAR Ltd (“UKAR”) announced the sale of the issued share capital of Bradford & Bingley (“B&B”) and NRAM Ltd (“NRAM”) and their remaining mortgage and loan portfolios to a consortium of Davidson Kempner Capital Management LP (“Davidson Kempner”) and Citibank (“Citi”).
As contemplated in that announcement and following the receipt of regulatory approvals, ownership of B&B and NRAM has now passed from UKAR to Davidson Kempner. This marks the final stage of the transaction.
B&B and NRAM’s team of colleagues will continue to be responsible for overseeing the service that customers receive. The transaction does not involve any customers moving to a new lender and there will be no changes to the terms and conditions of any loans. All customers will continue to receive the same protections for the lifetime of their mortgage as they did whilst B&B and NRAM were owned by UKAR.
UKAR remains in government ownership, responsible for meeting the contractual obligations and managing the remaining liabilities and other strategic matters arising out of the Government’s former ownership of B&B and NRAM and their respective subsidiaries.
Media Contacts:
Brunswick:
Jonathan Glass / Nick Cosgrove
Tel: +44 20 7404 5959
Email: ukar@brunswickgroup.com