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Bradford & Bingley completes asset portfolio sale

British bank Bradford & Bingley Plc said Feb. 19 that the final stage of the sale in April of two separate asset portfolios comprising performing buy-to-let loans to insurer Prudential Plc and to funds managed by U.S. asset manager Blackstone Group LP has been completed.

The legal title of the loans included in the transaction was transferred to Topaz Finance Ltd., which will manage them under the brands Jasper Mortgages and Rosinca Mortgages.

Proceeds from the sale by UK Asset Resolution Ltd., the institution responsible for managing the closed mortgage books of B&B and NRAM Ltd., repaid approximately £11.0 billion of the £15.7 billion loan extended by the U.K. Financial Services Compensation Scheme as part of B&B's rescue in 2008.

M&G Investment Management Ltd., the fund management arm of Prudential, was reportedly among several bidders looking to acquire a £5.5 billion loan portfolio comprising mainly mortgages issued by B&B. Proceeds from the further sale will be used to repay the remaining £4.7 billion FSCS loan.

UK Asset Resolution CEO Ian Hares earlier said the company expected to fully repay the FSCS loan by March.