Davidson Kempner and Citigroup completed the acquisition of Bradford & Bingley and NRAM from UKAR for $6.9bn.

Private equity firm Davidson Kempner Capital Management and Citigroup completed the acquisition of mortgage financing services providers Bradford & Bingley and NRAM, from UK Asset Resolution, a unit of UK government, for $6.9bn. "UKAR’s objective is to facilitate the orderly wind down of NRAM and B&B whilst treating customers fairly. This transaction marks the end of the government’s ownership of these companies and is a significant step towards the completion of that objective," Ian Hares, UKAR CEO.