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Northern Rock’s Gary Hoffman to join NBNK

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by Kay Mitchell

The chief executive of nationalised Northern Rock is leaving the crisis-torn bank to join NBNK.

According to reports today, Gary Hoffman will assume the chief executive’s role at NBNK – the banking institution set up by two City financial-sector heavyweights.

NBNK is set to build a significant presence in the UK and is now trading on London’s AIM.

It plans to compete with other High Street banks and board members include former Treasury Committee head Lord McFall and Sir David Walker.

Lord Peter Levene, chairman of Lloyds of London, the insurance market, is chairman of the bank.

Meanwhile, Northern Rock chairman Ron Sandler will assume the chief executive’s responsibilities and become executive chairman.

Mr Hoffman, meanwhile, has been credited with reversing the fortunes at Northern Rock.

Northern Rock collapsed in the autumn of 2007 when savers staged a nationwide run on the bank.

This signalled the onset of the banking crisis and it was subsequently nationalised in February 2008.

Prior to joining Rock, Mr Hoffman worked at Barclays, where he was group vice-chairman and an executive director, having joined the bank as a graduate in 1982.

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News posted: November 4, 2010

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