Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
18th October 2011
NBNK, Virgin and Flowers bid for Northern Rock
NBNK, Virgin Money and JC FLowers are confirmed as the bidders for Northern Rock, the bank that was nationalised during the early stages of the banking crisis.
NBNK is headed by Gary Hoffman, a former Chief Executive of Northern Rock and who agreed not to become involved with a bid for his former employer before November 1st of this year. UK Financial Investments, the sovereign financial holding company and Northern Rock board both agreed that this personal undertaking should be waived in order to increase the number of biddders. NBNK was formed by Lord Levene, the former chairman of Lloyds of London to buy UK banking assets and the company is also bidding for the 632 branches to be sold by Lloyds Banking.
JC Flowers and Virgin Money both had entered bids earlier this year.