Global law firm Eversheds has advised UK Asset Resolution (UKAR) on the £400m sale of unsecured personal loans to OneSavings Bank and Marlin Financial Group.

Following a competitive sales process, UKAR, the holding company for the government owned businesses of Bradford & Bingley plc (B&B) and Northern Rock (Asset Management) plc (NRAM), has sold NRAM's portfolio of unsecured personal loans.

The sale was completed as two separate transactions, with performing loans being acquired by OneSavings Bank plc, a lender owned by the JC Flowers' investment firm and the remainder of the portfolio being acquired by Marlin Financial Group PLC.

The Eversheds team was led by Partner Philip Vaughan assisted by Beth Evans and Tom Fairfax

Philip commented: “We are pleased to assist UKAR on this significant deal, which is in line with UKAR’s strategy and will enable it to repay money to UK tax payers.”

Richard Banks, UKAR Chief Executive, commented: “This action forms part of UKAR’s ongoing process to wind down the mortgage and loan books of both B&B and NRAM whilst maximising value for the taxpayer.”