Britain completes 5 billion pound sale of Bradford & Bingley and NRAM

The British government on Friday completed the 5 billion pound ($6.96 billion) final sale of mortgage lenders Bradford & Bingley and NRAM Limited, which were nationalised in the aftermath of the 2008 financial crisis.

The sale was approved following a competitive auction process and will see B&B and NRAM, formerly Northern Rock, sold to a consortium comprising Davidson Kempner Capital Management and Citibank.

($1 = 0.7184 pounds)