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June 02, 2015 10:03 PM ET

Thrifts and Mortgage Finance

Company Overview of NRAM plc

Company Overview

NRAM plc operates as a servicer of mortgage loans secured on residential properties in the United Kingdom. The company holds residential mortgages and unsecured loans, as well as government loans, and non-deposit wholesale and secured funding instruments. It also provides associated services; and serves homeowners and landlords. The company was formerly known as Northern Rock (Asset Management) plc and changed its name to NRAM plc in May 2014. NRAM plc was founded in 1850 and is based in Bingley, the United Kingdom. NRAM plc is a subsidiary of UK Asset Resolution Limited.

Croft Road

Crossflatts

Bingley,  BD16 2UA

United Kingdom

Founded in 1850

Key Executives for NRAM plc

Chief Executive Officer and Director
Age: 62
Finance & Investment Director and Director
Chief Internal Auditor
Chief Risk Officer and Member of Executive Committee
Head of the Treasury Operations
Age: 52
Compensation as of Fiscal Year 2014.

NRAM plc Key Developments

UK Unveils Plans To Sell Bank Assets

George Osborne, United Kingdom Chancellor of the Exchequer, unveiled a plan to sell the bank assets that are under the control of the government. As per plans, the government is to sell £13 billion worth of assets it holds in NRAM plc and Bradford & Bingley plc. Chancellor is now planning not to sell Northern Rock’s former High Street business and branches and instead is planning for sale of bad bank which includes the historic loan book of Northern Rock with all those 125% mortgages and other stuff from its hey-day.

UKAR Reviews Strategic Options

UK Asset Resolution Limited (UKAR) appointed Credit Suisse Group AG to conduct a strategic review of options to accelerate repayment of the government loans whilst ensuring the stability and continuity of service to customers in November 2014. The review concluded that there is positive investor interest in the assets of both Bradford & Bingley plc (B&B) and NRAM plc and separately in the mortgage servicing capabilities of UKAR which are provided to the Group by B&B. As a result, and subject to necessary approvals, the Board has determined that over the coming weeks it will move to a second stage and seek expressions of interest in respect of divestments which will include options around Granite, a securitization vehicle originally established by Northern Rock in 2001. In parallel, UKAR will explore potential options for the divestment of the Group's mortgage servicing activities which are provided by B&B.

UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM plc Appoint David Lunn as Non-Executive Director

The Boards of UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM plc announced the appointment of David Lunn as a Non-Executive Director of each company, with immediate effect. Mr. Lunn has been appointed by UK Financial Investments Ltd. to manage HM Government's shareholdings in the aforementioned companies and replaces Mr. Christopher Fox who has stepped down from the Board, also with immediate effect, as he will be taking up a new position outside UKFI.

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