Northern Rock seeks potential buyers - papers

Northern Rock will begin seeking out potential bidders today in the first tentative steps towards returning bailed-out banks to private ownership.

Northern Rock is working with UK Financial Investments (UKFI), which looks after the taxpayer stakes in the bailed-out banks, to appoint corporate financiers who might secure a sale of the Newcastle-based lender, the Guardian reports. The City expects £1.4bn to be starting point for any bid, with Sir Richard Branson's Virgin Money or a stock market flotation among possible options, It is almost three years since the bank was nationalised by the Labour government. Northern Rock's former chief executive, Gary Hoffman, has been barred from bidding for the bank until November. The ...