Northern Rock plc (former London Stock Exchange ticker symbol NRK) is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007.
Having failed to find a commercial buyer for the business, it was taken into public ownership in 2008. It is based at Regent Centre in Newcastle upon Tyne, United Kingdom. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange. Since 1 January 2010 the Northern Rock name has referred to two companies – this bank, Northern Rock plc, and a separate asset company, Northern Rock (Asset Management) plc.
On 17 November 2011 it was announced that Virgin Money were going to buy Northern Rock plc for £747 million up front and other potential payments of up to £280 million over the next few years.The sale is expected to go through on 1 January 2012. The government said it had no plans to sell Northern Rock (Asset Management).
There will be no further job losses, except for the ones already announced. Virgin have also pledged to keep the headquarters of the bank in Newcastle upon Tyne.The deal is pending regulatory and EU merger approval, and the combined business will operate under the Virgin Money brand.
Many of their current range will have a free valuation. Some of the exclusive products we have available have no product fee as well. If you are remortgaging, you get a free valuation and free legal fees with most remortgage products.
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