Corporate profile

NRAM Limited is a wholly owned subsidiary of UK Asset Resolution Ltd (“UKAR”). UKAR was established in 2010 to bring together the government-owned businesses of Bradford & Bingley plc and NRAM plc.

In November 2015, 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 were transferred to NRAM (No.1) Limited, which continues to manage those assets but is closed to any new lending. On 18 July 2016, NRAM (No.1) Limited became known as NRAM Limited.

On 5 May 2016 Cerberus acquired NRAM plc as part of the sale completion process.

The Governance arrangements for UKAR and its subsidiary businesses are managed by UK Financial Investments (“UKFI”) on behalf of HM Treasury, as shareholder. The relationship between UKAR and UKFI is set out in the UK Asset Resolution Limited and UK Financial Investments Limited: Relationship Framework Document (“Framework Document”). To view a copy of the Framework Document please click here.

History of NRAM plc

On 1 October 1997 Northern Rock Building Society converted to a public company and was listed on the London Stock Exchange.

HM Treasury announced on 22 February 2008 that it had acquired all the shares in Northern Rock plc and that all entitlements to shares issued by the company had been extinguished by a Transfer Order made under the Banking (Special Provisions) Act 2008.

In March 2010, the Government announced that it intended to integrate NRAM plc (formerly named Northern Rock plc) and Bradford & Bingley plc under a single holding company UKAR. For more details regarding UKAR please go to www.ukar.co.uk.

From 1 October 2010 until its sale on 5 May 2016, NRAM plc was managed and governed as part of the UKAR Group.

Former Northern Rock plc Shareholders

An independent valuer was appointed to assess whether any compensation was payable to former shareholders following the transfer of Northern Rock plc shares to HM Treasury in 2008. The independent valuation concluded that no compensation was payable and this was upheld following an appeal to the Upper Tribunal.

It is, therefore, not necessary for any former shareholder to advise NRAM’s share registrar, Capita, of any change of personal details.

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