Board Changes

23 Mar 2016

The Boards of UK Asset Resolution Ltd and Bradford & Bingley plc are pleased to announce the appointment of Brendan McDonagh as a Non-Executive Director with effect from 4 April 2016.

Mr McDonagh brings financial management and banking experience to the Board, having spent his career at HSBC and more latterly as Chairman of The Bank of N.T. Butterfield & Son Ltd. He is currently a Non-Executive Director at the National Treasury Management Agency in Ireland.

ENDS

Media Contact:
Brunswick
Jonathan Glass / Nick Cosgrove
Tel: +44 20 7404 5959
Email: ukar@brunswickgroup.com

NOTES

UK Asset Resolution Limited (UKAR)

UKAR, the holding company for NRAM plc (NRAM) and Bradford & Bingley plc (B&B), was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both B&B and NRAM to maximise value for taxpayers, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty. Further information about UKAR is available at www.ukar.co.uk.

UKAR announced the sale of performing and non-performing residential mortgages from the legacy book of NRAM to Cerberus in November 2015. The structure of the transaction means that, subject to regulatory approval, Cerberus will purchase NRAM plc. Assets and liabilities not included in the transaction will be transferred from NRAM plc to a newly established subsidiary of UKAR, currently known as NRAM (No.1) Limited, at which point Mr McDonagh will also be appointed to that Board.

Press releases

Board Change
06 Apr 2017
The Boards of UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM Ltd announce the appointment of Peter Norton as a Non-Executive Director of each Company, with immediate effect.
[Read More]
UK Asset Resolution announces sale of Bradford & Bingley assets for £11.8 billion
31 Mar 2017
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone.
[Read More]
Board Change
01 Mar 2017
UK Asset Resolution Ltd (“UKAR”) today announces that David Lunn, a Non-Executive Director appointed by UK Financial Investments Ltd (”UKFI”), stepped down on 28 February 2017 from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited to take up a new position within HM Treasury.
[Read More]
UKAR Interim Results Announcement 2016
08 Nov 2016
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Ltd ('NRAM') today issues its interim results for the six months ended 30 September 2016 ('H1 2016/17').
[Read More]
Board Changes
26 Jul 2016
UK Asset Resolution Ltd ("UKAR") announces that Richard Pym has today retired from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited.
[Read More]
UKAR Update
18 Jul 2016
UKAR today confirms the final stage of the sale of a £13bn asset portfolio to affiliates of Cerberus Capital Management LP has taken place.
[Read More]