The End is in sight - Maybe?

17 October 2007

The most visible episode in the UK credit crunch thus far has been the run on the Northern Rock Bank. Late last week, however, it's London Stock Exchange share price rose sharply on the back of a bid put together by Richard Branson and his backers to buy the ailing bank. If successful with the bid, the clear intention would be to re-brand using the Virgin name most probably Virgin Money http://uk.virginmoney.com/ and retain 99% of Northern Rock's current workforce. From a Virgin perspective, Other benefits of such a buyout would allow Richard Branson to compete head on with the big 4 UK banks and allow it push it's range of financial products ranging from credit cards, loans to savings and current bank accounts. Speculation is already rife as what the name of the bank could be, Virgin Rock or Northern Virgin perhaps, only time will tell!