– UK, Bingley – The Boards of Bradford & Bingley plc (LSE:60XN), and UK Asset Resolution Ltd 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.
UK Asset Resolution Limited (UKAR)
UKAR, the holding company for Bradford & Bingley plc (B&B) and NRAM plc (NRAM), 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.
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.
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