August 26, 2016 11:02 AM 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. 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

Managing Director and Director
Finance & Investment Director and Director
Company Secretary
Communications Director
Assistant Director of PR
Compensation as of Fiscal Year 2016.

NRAM plc Key Developments

NRAM plc Announces Earnings Results for the Six Months Ended September 30, 2015

NRAM plc announced earnings results for the six months ended September 30, 2015. For the period, net interest income was GBP 385.3 million against GBP 469.1 million a year ago. Underlying total income was GBP 390.3 million against GBP 470.5 million a year ago. Underlying profit before taxation was GBP 384.2 million against GBP 481.1 million a year ago. Statutory profit before taxation was GBP 631.0 million against GBP 452.8 million a year ago. Net cash used in operating activities was GBP 612.4 million against net cash generated from operating activities of GBP 934.3 million a year ago. Purchase of property, plant and equipment was GBP 0.3 million.

Cerberus, Morgan Stanley Said to Win $18 Billion Loan Bid

Cerberus Capital Management, L.P., with Morgan Stanley (NYSE:MS), was selected as the preferred bidder for £11.7 billion pounds of U.K. mortgages from NRAM plc, according to four people with knowledge of the matter. Cerberus and Morgan were chosen in a sale overseen by UK Asset Resolution Limited, said the people, who asked not to be identified because the information is private. The portfolio comprises about 115,000 loans that were packaged into a securitization vehicle called Granite.

Sabadell Eyeing Bid For Northern Rock And Bradford & Bingley Assets

Banco de Sabadell, S.A. (CATS:SAB) is studying making a bid for €18 billion mortgage asset portfolios from NRAM plc and Bradford & Bingley plc, Reuters reported on September 14, 2015 citing financial newspaper Expansion. The acquisition will be financed by capital from British lender TSB, recently acquired by Sabadell, according to the sources, the paper said. No one from the Sabadell was immediately available for comment on the report.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 13, 2015
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