Ceberus buys £13 billion worth of Northern Rock mortgages

The sale marks the largest ever financial asset sale by a European government

13th November, 2015
British bank Northern Rock

US private investment firm Cerberus Capital Management has bought £13 billion worth of mortgages from the former British bank Northern Rock.

“Bad bank”, UK Asset Resolution Northern Rock (UKAR), was created in 2010 to run down the loans in Northern Rock and Bradford & Bingley.

The sale by the British treasury marks the largest ever financial asset sale by a European government.

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