Completion of the Sale of the Social Housing Lending Business to Nationwide Building Society
The Bank of England has today completed the sale and transfer of the social housing loans (and related deposits from housing associations) held by its wholly-owned subsidiary, DBS Bridge Bank Limited, to Nationwide Building Society and other loans remaining in Dunfermline that form part of the social housing book (together the “Business”). This follows the selection of Nationwide as the preferred bidder on 17 June 2009.
In transferring the Business to Nationwide Building Society, the Bank of England was acting under the powers conferred on it by the Banking Act 2009 and in accordance with the Code of Practice issued by HM Treasury.
