Citi’s Northern Rock wager has political spice aimeedonnellan
A British government fund, set up to manage the assets of banks bailed out during the 2008 crisis, on April 2 sold 4.9 billion pounds worth of mortgages and loans to U.S. lender Citigroup.
UK Asset Resolution said asset manager Pimco had provided the majority of the financing for the deal. The proceeds will go towards repaying loans that the UK Treasury provided to Northern Rock during the crisis.
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