Our subsidiary businesses

This section explains the background for each subsidiary business.

NRAM

Northern Rock was nationalised and taken into Government ownership in February 2008 and was then restructured into two legal entities on 31 December 2009 – Northern Rock plc and Northern Rock (Asset Management) plc. Since 16 May 2014 Northern Rock (Asset Management) has been known as NRAM plc.

NRAM plc retained the majority of the pre-existing mortgage book and all pre-existing unsecured loan accounts. The management and control of NRAM plc was integrated with B&B under UKAR on 1 November 2010.

On 13 November 2015, UK Asset Resolution (UKAR) agreed to sell a £13bn asset portfolio from the legacy book of NRAM plc to affiliates of Cerberus Capital Management LP (Cerberus). On 30 April 2016, the assets and liabilities not included in the sale to Cerberus transferred from NRAM plc to a newly established subsidiary of UKAR – NRAM (No.1) Limited ("NRAM No.1").

On 5 May 2016 Cerberus acquired NRAM plc as part of the sale completion process and on 18 July 2016, NRAM (No.1) Limited became known as NRAM Limited.

For company information about NRAM Limited please click here, or for information on supporting customers and mortgage intermediaries please visit the NRAM customer website.


Bradford & Bingley and Mortgage Express

On 29 September 2008, all of B&B’s retail branches and its savings accounts were transferred to Abbey. These were rebranded Santander in January 2010. The remainder of the business, including the mortgage books of B&B and specialist lending arm Mortgage Express were nationalised and taken into public ownership by the Government.

B&B is permanently closed to new lending, but continues to provide services to existing borrowers. The management and control of B&B was integrated with NRAM under UKAR on 1 November 2010.

For company information about Bradford & Bingley and Mortgage Express, or for information supporting customers and mortgage intermediaries please visit the Bradford & Bingley website.


UKAR Corporate Services

On 8 October 2013 UKAR Corporate Services Limited (UKARcs), a subsidiary business of UKAR, became responsible for the administration of the Government's Help to Buy Mortgage Guarantee Scheme on behalf of HM Treasury.

On 1 December 2015 UKARcs also became responsible for the administration of the Government’s Help to Buy ISA Scheme on behalf of HM Treasury.