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northern rock looks to become virgin November 26, 2007

Posted by Bradley in : Uncategorized , trackback

Today’s Press Release from Northern Rock:

Following receipt of indicative expressions of interest covering a range of options in respect of its business, the Company and its advisors have engaged in discussions with a limited number of selected interested parties to clarify their proposals. As a result, and following discussions with the Tripartite Authorities (the Bank of England, HM Treasury and the Financial Services Authority), the Board has concluded that it wishes to take forward discussions on an accelerated basis with a consortium comprising Virgin Group, WL Ross & Co, Toscafund Asset Management LLP and First Eastern Investment Group (the “Virgin Consortium”).

Richard Branson’s letter to the customers of Northern Rock says:

At the heart of the Virgin proposal is a commitment to:
* Protect the savings of existing Northern Rock customers. The Government’s guarantee arrangements will continue until they are no longer needed
* Put the business on a solid financial footing with a multi-billion pound new equity and funding arrangement
* Stop the business being broken up and disbanded – saving thousands of jobs
* Put in place top quality management with world-class experience of banking
* Continue to support the Northern Rock charitable foundation – which does so much good work.

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