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Pimco and Davidson Kempner take final slice of UKAR assets


By Tom Brown
01 Mar 2021
UK Asset Resolution has sold the last of its mortgages to Pimco and Davidson Kempner (DK) and the legal holding companies of Northern Rock and Bradford & Bingley, ending the UK government’s involvement in the crisis-stricken lenders and closing the book on the 2008 bail-outs.
“This sale brings to a close the government’s ownership of B&B and Northern Rock Asset Management [NRAM], including their loans, with the taxpayer fully repaid and the legal and regulatory responsibility for the operating companies returned to the private sector,” said UKAR in an announcement on Friday.The
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Last part of Northern Rock is sold by Government more than a decade on from bailout


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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UPDATE 1-Britain sells off last chunk of financial crisis 'bad bank'


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. ....

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