March 12, 2016 / 4:06 PM / in 2 years

UK to announce sale of Bradford & Bingley assets next week: Sky News

LONDON (Reuters) - Britain’s finance minister George Osborne will announce next week plans to sell 16 billion pounds ($23 billion) worth of bank assets which were rescued from Bradford & Bingley (B&B) during the financial crisis, Sky News said on Saturday.

A branch of Bradford & Bingley is seen in Bingley, northern England, September 29, 2008. REUTERS/Phil Noble

B&B, which specialized in buy-to-let mortgages, was nationalized during the height of the crisis in 2008.

Its deposits and branches were sold to rival lender Abbey, part of Santander (SAN.MC), whereas its loans remained with the government.

Sky said Osborne will announce the sale during his budget statement on Wednesday but the timing of the sale by auction was unclear with the broadcaster citing sources who said the process may not conclude for many months.

The Treasury (finance ministry) declined to comment when contacted by Reuters.

Reporting By Costas Pitas; Editing by Greg Mahlich

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