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Financials

Britain sells 4.9 bln stg of former Northern Rock mortgages to Citi

LONDON, April 2 (Reuters) - A British government fund tasked with selling the assets of banks it bailed out during the 2008 financial crisis has sold 4.9 billion pounds ($6.40 billion) worth of mortgages and loans from the failed Northern Rock to U.S. lender Citigroup.

UK Asset Resolution, set up to manage the government’s holdings of assets from the crisis-era bailouts, said bond investment fund PIMCO had provided the majority of the financing for the Citi-led deal.

The proceeds will go towards repaying loans that Britain’s finance ministry provided to Northern Rock during the crisis. ($1 = 0.7656 pounds) (Reporting By Lawrence White Editing by Andrew Heavens)

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