Bradford & Bingley and NRAM Sold to Citibank and Davidson Kempner
Posted on 02/27/2021
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 Capital Management was completed following a competitive auction process.
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK. In 2008 the Northern Rock bank was nationalized by the British government under the Labour party. In 2010, the bank was split into two parts (assets and banking) to aid the eventual sale of the bank back to the private sector. On November 17, 2011, the U.K. Government announced the sale of Northern Rock to Virgin Money for £747 million. In 2018 Virgin Money UK was itself was acquired by the larger CYBG plc, operator of Clydesdale Bank and Yorkshire Bank, for £1.7 billion.
Keywords: Citigroup, Inc.