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Virgin Group Rescue Bid for Northern Rock Bank

Companies / UK Banking Oct 12, 2007 - 12:11 PM GMT

By: Sarah_Jones

Companies A consortium led by Richard Branson's Virgin Group has submitted a rescue offer to the Northern Rock Bank's board of directors.


The Virgin consortium includes Virgin Group, AIG Financial Products, WL Ross & Co, Toscafund Asset Management and First Eastern Investment Group. The rescue plan follows Citibank's earlier decision to provide Northern Rock Bank with a £10 billion loan facility at interest rates inline with the interbank market rate of 6.25%, rather than financing at the more costly Bank of England emergency financing rate of 6.75%.

The rescue offer would include a complete re branding of Northern Rock brand under the Virgin umbrella, with a significant cash injection and the new group would be taking over the management of Northern Rock's mortgage book estimated at £100 billion.

Sir Richard Branson stated : "I've always believed that it's Virgin's role to improve things for customers through great value for money products and services, innovation and great customer service - whichever market we operate in.

"This has been evident in our financial service businesses both in Britain and abroad. I believe that if we're successful we'll be able to create an exciting new banking alternative for everyone in the UK.

"I and my team have pulled together a heavy hitting consortium that we believe has not only the knowledge and expertise but the financial clout to make a once great British institution great again."

Northern Rock Shares rallied 5% on the news closing at £2.73, up from a low of £1.10 registered less than 2 weeks ago.

By Sarah Jones
(c) Marketoracle.co.uk 2005-07. All rights reserved.

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from over 100 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Sarah Jones Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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