Computershare Limited (ASX: CPU) today advises that, following the announcement to the Australian Securities Exchange on 2 February 2016, its UK business has now been appointed by UK Asset Resolution Limited (UKAR) to undertake its mortgage servicing activities.

Key Points

• This is a seven-year outsourcing contract covering £30bn of UKAR mortgages. In addition, Computershare has entered into separate contracts for the servicing of the £11bn of assets purchased by Cerberus from UKAR in November 2015
• UKAR will continue to own and have ultimate responsibility for NRAM and Bradford & Bingley mortgages and loans
• Around 1,700 staff based in Sunderland and West Yorkshire will transfer to Computershare and will continue to service customers
• The contract is expected to start in mid-2016 post satisfaction of closing requirements.

Computershare’s subsidiary HML already services £5bn of mortgages for UKAR in addition to this contract appointment.

Computershare CEO, Mr Stuart Irving said “We are delighted to be selected by UKAR to provide mortgage servicing capabilities and will ensure customers receive the same high quality of service they are used to with UKAR. We have an enviable track record of quality mortgage servicing in the UK with our HML business and are committed to ensuring the transition is a smooth one for all stakeholders”. 

Fenchurch Advisory Partners is pleased to have advised Computershare on the transaction.