Tag: split

Northern Rock bad bank returns to profit

Northern Rock bad bank returns to profit

Northern Rock Asset Management (NRAM), the so-called bad bank, returned to profit in 2010, it was reported today. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the 2010 year were £200.1 million, against a £166.5 million loss in 2009. At the start of 2010, Northern Rock was [...]

Northern Rock’s bad bank back in profit

Northern Rock’s bad bank back in profit

Northern Rock Asset Management (NRAM), the so-called bad bank, has today reported it has returned to profit. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profit for the first six months to the end of June were £349.7 million, compared with a loss of £724.2 million a year earlier. [...]

Northern Rock savers lose 100% guarantee

Northern Rock savers lose 100% guarantee

Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was [...]

‘Bad banks’ of Rock and B&B to merge

‘Bad banks’ of Rock and B&B to merge

It has been announced today the ‘bad banks‘ of Northern Rock (NRAM) and Bradford and Bingley (B&B) are set to merge. The move is designed to cut costs and bring greater returns for the taxpayer. The UK Financial Investments (UKFI), the body which was set up at the height of the financial crisis to oversee [...]

Newcastle Utd signs 4-year deal with Northern Rock

Newcastle Utd signs 4-year deal with Northern Rock

Northern Rock, which was recently split into two divisions, is to continue its sponsorship of Newcastle United Football Club after signing a new four-year deal valued at between £1.5 million and £10 million. Rock has been the football club’s shirt sponsor since 2004 and the new deal will run from season 2010/11 to 2014. However, [...]

Richard Pym to chair Northern Rock ‘bad bank’

Richard Pym to chair Northern Rock ‘bad bank’

Richard Pym, the chairman who was appointed to stabilise Bradford & Bingley last year, is to oversee Northern Rock’s ‘bad bank’ operations. It was announced earlier this month that nationalised Northern Rock would be split into two, after receiving the necessary approval from the European Union (EU). New Years Day is the date that has [...]

Date set for Northern Rock split

Date set for Northern Rock split

It was recently confirmed that crisis-torn Northern Rock would be split into two, after receiving the necessary approval from the European Union (EU). 1 January 2010 is the date that has been agreed for the Rock to be split into two divisions - a “good bank” of profitable assets and “bad bank” of toxic debts. The [...]

Northern Rock sees improvement prior to split

Northern Rock sees improvement prior to split

Crisis-torn Northern Rock, which is due to be split after receiving approval from the European Union, provided an upbeat statement after it said that in the three months to the end of September, losses from bad loans being written off had lowered, its costs remained under control and net income had risen. Northern Rock collapsed [...]

EU set to approve Northern Rock split

EU set to approve Northern Rock split

Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008. The plan is for bank to be [...]

B&B mulling over split into good bank / bad bank

B&B mulling over split into good bank / bad bank

Nationalised Bradford & Bingley (B&B) is reportedly considering splitting itself into two in order to raise money to repay its £18.4 billion loan from the Financial Services Compensation Scheme (FSCS). The troubled buy-to-let lender was nationalised over a year ago to prevent it from collapse which led to Spanish bank, Santander, acquiring B&B’s £20 billion [...]

ING to split into two and launch rights issue

ING to split into two and launch rights issue

BoE Governor calls for banks to be split

BoE Governor calls for banks to be split

Bank of England Governor, Mervyn King, warned last night that a major rethink of how banks are structured is required. Addressing Scottish business leaders in Edinburgh last night, Mr King’s comments came after it was announced that public finances suffered their worst six months on record between April and September. In his speech, Mr King [...]

BSA against Northern Rock split

BSA against Northern Rock split

The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions - a deposit bank and a mortgage platform. However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage. Northern Rock collapsed at the [...]

Restructure sees Northern Rock split into two divisions

Restructure sees Northern Rock split into two divisions

Nationalised Northern Rock is to be split into two divisions - a deposit bank and a mortgage platform. The crisis-torn bank collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008. However, following European Union (EU) approval, it [...]

Citigroup reports quarterly loss and plans to split into two businesses

Citigroup reports quarterly loss and plans to split into two businesses

US banking giant Citigroup has today announced a worse-than-expected fourth quarter net loss of $8.29 billion (£5.6 billion) and said it plans to split the firm into two separate businesses to restore profitability. The bank’s net loss for the last quarter of 2008 works out at $1.72 per share, far worse than most analysts’ forecasts [...]