Northern Rock sold to Virgin Money

[KeepItReal]

Source: BBC

Northern Rock is being sold to Virgin Money for £747m, the government has announced.

The bank was nationalised in 2008 following its near collapse at the onset of the global credit crisis.

Virgin is buying Northern Rock plc and has pledged no additional compulsory redundancies for at least three years.

Chancellor George Osborne said: "The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks.

Read more: http://www.bbc.co.uk/news/business-15769886