Member Article

Northern Rock takes first steps back to private sector

NATIONALISED bank Northern Rock plc has taken its first steps in its bid to go back into the Private sector.

The former Northern Rock bank was bailed out by the taxpayer in early 2008 after savers raced to withdraw billions of pounds in September 2007, forcing the government to step in and help.

UK Financial Investments Limited (UKFI), which was set up to look after the Government’s investments in financial institutions in 2008, is to develop and execute a strategy for returning the new restructured Northern Rock plc to the private sector.

A spokesperson for UKFI, said: “UKFI invites expressions of interest from corporate finance advisers to work with both UKFI and NR in the evaluation of the strategic options for the Company.

“There is no presumption at this stage that any particular option will be pursued and no timeframe has yet been set for the return of the Company to private ownership.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .