UK Treasury sells Bradford & Bingley loans to Prudential, Blackstone for 11.8 bln stg: Reuters

The British government said on Friday it has sold a portfolio of mortgages that were issued by failed lender Bradford & Bingley to insurer Prudential and buyout firm Blackstone, for 11.8 billion pounds ($14.7 billion).

Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR).

The sale will reduce UKAR’s balance sheet to 22 billion pounds, having stood at 37 billion pounds in September 2016.