B&B to integrate with Northern Rock Asset Management
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The board of Bradford & Bingley plc says it supports the intended integration of B&B and Northern Rock (Asset Management) plc.
The intention is to create a single holding company that will combine B&B and NR(AM) under common governance and management.
Both companies would remain as separate legal entities with their own balance sheets, liabilities and government support arrangements. There are no immediate changes for customers and they do not need to take any action.
Full details of the integration are not yet established, and no firm timescale has been set for completion. The proposal will be implemented within EC State Aid rules and will be subject to regulatory approval from the FSA.
Richard Banks, managing director of Bradford & Bingley plc, says: “Creating a single holding company is the right way to move forward to support our goal to protect and create value for UK taxpayers. The integration process will be extensive and in the meantime, we will continue to work towards our business objectives and provide a high quality service to our customers.”
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