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LONDON Breaking News: UKFI Hires UBS Banker to Run Down 'bad Bank' Loans

Wochit 0:59 mins

The body charged with handling Britain's stakes in lenders has hired a senior banker from UBS to manage its holdings in the 'bad bank' books of Northern Rock and Bradford & Bingley. Lloyds Banking Group shares jumped to a 2-1/2 year high as overseas investors stepped up their interest in buying part of the bank and media reports suggested some may want half the government's stake. Former Standard Chartered chief executive Mervyn Davies is talking to others about forming a consortium to be an "anchor" or cornerstone investor in part-nationalized Lloyds- which the government is planning to sell. Britain will push ahead with its biggest privatization in decades when it unveils plans for a $3.7 billion stock listing of state postal operator Royal Mail.

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