Rapidly quenched bilayered ribbons comprising one layer as Fe 73.5Nb3Cu1Si13.5B9 (FM) and the other layer either as Fe74.5Nb3Si 13.5B9 (FNb) or Co72.5Si12.5B 15 (CSB) alloy designated as BLFM/FNb and BL FM/CSB, respectively, have been addressed. Phase transformation, thermomagnetic transitions, saturation magnetization, and soft magnetic properties of individual layers were revealed in the functional properties of bilayered ribbons. Properties of bilayer could be endorsed with respect to the single layered Fe73.5Nb3Cu1Si 13.5B9, Fe74.5Nb3Si 13.5B9, and Co72.5Si12.5B 15 alloy ribbons. Selective devitrification of the layers in the bilayers could be induced through optimum heat treatment. Enhanced bend sensitivity was revealed in BLFM/CSB through generation of desirable phases in the bilayers of the bilayered ribbon. Synergistic diffusivity of Fe and Co with its consequent effect on interfacial zone of BLFM/CSB bilayer was observed. © 2013 AIP Publishing LLC.