By Ian Walker 

The U.K. government said Friday that it has sold Bradford & Bingley PLC and NRAM Ltd. building societies to Davidson Kempner Capital Management LP and Citibank for 5 billion pounds ($7.01 billion).

The government said that B&B and NRAM, which was formerly called Northern Rock, have been sold with their remaining loans.

"This final sale constitutes a significant milestone in the work to achieve the government's objective of returning the institutions brought into public ownership as a result of the 2007-2008 financial crisis to private ownership," HM Treasury said.


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(END) Dow Jones Newswires

February 26, 2021 09:09 ET (14:09 GMT)

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