UK Government Sells Bradford & Bingley, Northern Rock for GBP5 Billion
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
The government said that B&B and NRAM, which was formerly
called Northern Rock, have been sold with their remaining
"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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