Final bids in for Bradford & Bingley £12.5bn portfolio
Final bids have come in for Bradford & Bingley’s £12.5bn portfolio of mortgages which is being sold by the Government.
The buy-to-let mortgages are still being repaid by borrowers.
Bradford was one of the banks bailed out by the taxpayer during the financial crisis, and the sale will mark a milestone on its road to recovery.
Among those looking to buy some or all of the portfolio are Paragon and private equity groups Blackstone and Cerberus, as well as US asset manager Pimco. Hedge funds Och-Ziff and Elliott are bidding together.
The Financial Times has reported that Prudential is looking to acquire a £3bn chunk of the mortgages.
When complete, the deal will be one of the biggest asset disposals by a European government.
It is unclear whether the portfolio will be sold as one or whether it will be divided into segments to be sold off. The decision will ultimately lie with Chancellor Philip Hammond.
