Member Article

Deutsche Bank AG to handle Northen Rock sale

Northern Rock plc has appointed Deutsche Bank AG to assist with its eventual return to the private sector.

UK Financial Investments Limited (UKFI) announced back in January that it was working with the bank to develop and execute a strategy for returning the bank to the private sector.

A spokesperson for Northern Rock plc said: “Following a formal tendering process, involving a number of corporate advisers, the Company confirms that Deutsche Bank AG has been appointed.

“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.”

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.

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