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GC Asia
Granite sale could drive supply shock in UK RMBS
Banco Sabadell is rumoured to be interested in acquiring Granite, UK Asset Resolution’s portfolio of bad bank assets. The Spanish bank's acquisition of the assets could shock the supply-demand dynamic in the UK RMBS sector.
Granite, set up by Northern Rock in 2001, consists of a legacy portfolio of UK mortgages, valued at £13bn. In addition to the mortgage portfolio, GlobalCapital understands that UKAR is looking to sell Granite’s mortgage servicing capabilities, which includes its operational platform.
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