The Government has announced that Northern Rock is being sold to Virgin Money for £747m
The bank was nationalised in 2008 following its near collapse at the onset of the global credit crunch. On nationalisation, the government subsequently split the bank
into two, Northern Rock plc, and Northern Rock (Asset Management), into which was placed its bad debt.
Northern Rock plc will be rebranded as Virgin Money, which has pledged no compulsory job cuts for three years.
The 2 companies will complement each other well. Virgin Money already provides a wide range of financial services products to over three million customers across the UK. The addition of Northern Rock will create a combined business with a wide network of branches, providing savings, mortgages, current accounts and credit cards, as well as insurance and investment products. The new business will aim to offer good customer service, value and a simple and straightforward approach to finance
There will be no immediate visual changes. The sale of Northern Rock to Virgin Money is expected to complete by the end of the year. Following completion, the Virgin Money brand will be adopted across the business, so you will see some visual changes in the coming months.
Northern Rock and Virgin Money products can be accessed through your normal ICF contact on 01482 638300.