The rise and fall of Northern Rock
[2024-01-03 03:47:05]
In July 1965, the Beijing County Building Association was established through the merger of the Beihai County Permanent Building Association (founded in 1850) and the Rockville Association (founded in 1865).
On August 9, 2007, the regulators and the banks themselves decided on the day of Northern Rock's "world transformation". After BNP Paribas froze the US subprime mortgage market crisis, the European Central Bank made a record record of 94.8 billion euros in the European currency market.
On September 14, Northern Rock Bank said that the Bank of England participated to provide support and the stock price of the bank fell more than 30%.
On September 15, customers surrounded the banks to withdraw their funds, ignoring public guarantees. Two days later, the government intervened to secure deposits to stop the operation.
On September 25, due to pressure from the Treasury Department and the regulatory authorities, Beiyan Bank canceled the interim dividend and confirmed that it was "the first consultation with some political parties".
As the government provided guarantees for new personal deposits, On October 9, the Bank of Hubei won a new lifeline.
SRM Global, a hedge fund managed by Swiss former UBS trader Jon Wood, holds more than 4%.
On January 11, 2008, Beiyan Bank sold a £ 2.2 billion mortgage portfolio to support the repayment of the Bank of England loan to Bank of America JP Morgan Chase.
On January 21, the government announced plans to lend about 25 billion pounds to the Beiyan Bank to convert to bonds, paved the way for private sector acquisition.
On February 17, the government refused the proposal and decided to include Beiyan Bank in temporary public domain.
On February 22, 2009, Northern Rock announced plans to increase mortgage to £ 14 billion in the next two years.
On 26th April, the media reported that the UK will sell Beiyan Bank by the end of 2009. A bank is divided into two parts. The most toxic loans will be left to the hands of the government, deposited with "bad banks" and the rest will be sold out.
On July 1, Beiyan Bank announced that its equity capital was below the regulatory minimum level, but it was approved to continue the project.
On 28th October, the EU dismantled the Northern Rock Bank and approved a plan to allow the UK to eventually sell some lenders. UBS banker Robin Budenberg has been appointed CEO
January 11, 2010 Virgin Branson Virgin Money, the banking division of the Virgin Empire, seeks support from the US private equity firm Blackstone on the acquisition of Northern Rock.
On 24th, Beiyan Bank's "Bad Bank" section will be merged with national competitors Bradford and Bingley to reduce costs and generate greater revenue.
On August 3, Northern Rock Plc became a "good" bank, including new home loans and savings, losing a loss of £ 140 million due to the cost of the original company for the first time in six months in June.
On 28th July, Virgin Money has made a representation of interest in Northern Rock. It carried out the second round of bidding in October.
As the bank was divided into Northern Rock plc and Northern Rock (Asset Management) Ltd. on January 1, 2010, each company has its own board of directors. On 4th November 2010, Beiyan Bank announced that Gary Hoffman left the bank and moved to NBNK Investments as CEO. One of the regulations Hoffman appointed to NBNK was that they were unable to bid on Northern Rock within 12 months. Newcastle United sponsors began in 2003 and will expire from 2010 to 2014. However, this extension includes the end clause of June 2012 that was launched in November 2011. Under government control, the bank will continue the sponsorship agreement. The five year contract from 2005 to 2010 is worth 25 million pounds and the four year extension was between 1.5 million pounds and 10 million pounds.
Northern Rock, formerly known as the Northern Rock Building Association, is a British bank. Northern Rock was orig