UKAR today confirms the final stage of the sale of a £13bn asset portfolio to affiliates of Cerberus Capital Management LP has taken place. Legal title of the mortgages and loans included in the sale have been transferred and all customers affected by the transaction are being contacted by the relevant companies to update them on the change of ownership.
We can also confirm that UKAR has today changed the name of NRAM (No. 1) Limited to NRAM Limited. Separately NRAM plc has been renamed Landmark Mortgages Limited.
NOTES TO EDITORS
UK Asset Resolution Limited (UKAR)
UKAR, the holding company for NRAM Limited (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.
Nick Cosgrove / Jonathan Glass
Tel: +44 20 7404 5959