Coventry coy over Northern Rock bid
Share
The Coventry Building Society has revealed that it may bid for Northern Rock’s so-called good bank when it is put up for sale.
Coventry says its commitment to mutuality has helped deliver consistently superior financial performance and member value throughout the financial crisis.
And the board believes that these credentials would benefit Northern Rock customers if it were to be remutualised as part of Coventry.
A spokeswoman for the Coventry, says: “The government and UK Financial Investments have yet to confirm the process and timetable for the sale of Northern Rock. When that decision is made the board will examine the criteria laid down and decide the next steps to take.
“At this stage we cannot rule anything out but emphasise that whatever decision is made will be in the best interests of the society’s members.”
Coventry recently announced a pre-tax profit of £100.6m for 2010, compared to £56.2m in 2009.
Meanwhile, Northern Rock revealed a £232.4m pre-tax loss for 2010.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (6)
Anonymous | 31 Mar 2011 5:13 pm
Interesting - Northern Rock's excellent BDMs would a good acquisition for them.........
Unsuitable or offensive? Report this comment
Tony J | 31 Mar 2011 7:33 pm
yes, Agree, Northern Rock BDM's have alway been a cut above most other lenders BDM's
Unsuitable or offensive? Report this comment
Anonymous | 31 Mar 2011 10:05 pm
I have to agree, best BDM's by a long way Northern Rock are the ultimate example of what has happened in the lending world over past 20 years quality staff led by fools who chased the easy money then blamed everything else apart from their own greed.
Unsuitable or offensive? Report this comment
Anonymous | 1 Apr 2011 9:15 am
You don't happen to be one of those excellent BDM's do you?
Unsuitable or offensive? Report this comment
john cena | 1 Apr 2011 10:54 am
I was just thinking that anon@10.15am
I never hear from our northern rock bdm. presumed they'd got rid of them back in 2007!
Unsuitable or offensive? Report this comment
Anonymous | 31 Jul 2011 0:11 am
Maybe you aint seen one because you dont do much business! lol
Unsuitable or offensive? Report this comment