Northern Rock to Sell Mortgages to JPMorgan for $4.4 Billion
Jan. 11 (Bloomberg) -- Northern Rock Plc, the U.K. bank bailed out by the Bank of England, agreed to sell mortgage assets to JPMorgan Chase & Co. for 2.25 billion pounds ($4.4 billion) to help repay its loan from the central bank.
The price is 2.25 percent, or about 50 million pounds, more than the balance-sheet value of the assets, the Newcastle, England- based bank said in a Regulatory News Service statement today.
BLOOMBERG
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