LONDON, March 31 The British government said on
Friday it has sold a portfolio of mortgages that were issued by
failed lender Bradford & Bingley to insurer Prudential
and buyout firm Blackstone, for 11.8 billion pounds
Bradford & Bingley, a buy-to-let mortgage provider bailed
out by the British government during the financial crisis, is
now owned by government vehicle UK Asset Resolution (UKAR).
The sale will reduce UKAR's balance sheet to 22 billion
pounds, having stood at 37 billion pounds in September 2016.
($1 = 0.8015 pounds)
(Reporting by Rachel Armstrong; Editing by Susan Fenton)