Northern Rock back to private sector

alastair_h

Received the following e-mail last night, couldn't find this info in another post-

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SAVINGS Dear Customer(s)


This communication contains important information about Northern Rock

I am pleased to confirm that the Government has decided that the time is right to return Northern Rock plc to the private sector. It has been agreed that the Company will be sold to Virgin Money, and the sale is expected to complete by the end of the year.

It is almost four years since the former Northern Rock business was taken into temporary public ownership, in February 2008, and a return to the private sector was always a key objective. The announcement of a sale demonstrates the significant progress made at the Company and is testimony to the hard work of our colleagues and the loyalty of our customers through this period.

Northern Rock and Virgin Money will complement each other well. Virgin Money already provides a wide range of financial services products to over three million customers across the UK. The addition of Northern Rock will create a combined business with a nationwide network of branches, providing savings, mortgages, current accounts and credit cards, as well as insurance and investment products. The new business will aim to offer good customer service, value and a simple and straightforward approach to finance.


What does this mean for you?
It is business as usual and you do not need to take any action.

You can continue to operate your savings account exactly as you do now and there are no changes to your terms and conditions. The Financial Services Compensation Scheme (FSCS) will continue to provide cover of up to £85,000 per person for eligible deposits held with Northern Rock. This means that for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each, making a total of £170,000. Further details on the scheme and the level of cover provided can be found on the FSCS website.

Please continue to contact us as you do now – using telephone, the website and your local branch.

What happens next?
Nothing will happen immediately.

The sale of Northern Rock to Virgin Money is expected to complete by the end of the year. Following completion, the Virgin Money brand will be adopted across the business, so you will see some visual changes in the coming months – in the design of our letter heads and our branch signage, for example.

We are very much open for business as usual, offering a range of savings and mortgages. Accounts can be opened online, by post and telephone or at your local branch. If you would like more details on the products we have available please visit one of our branches, have a look at our website or give us a call. For information on mortgages, please call 0845 602 83011 or for savings 0845 600 73012.

This is a key landmark in the Northern Rock journey, and I thank you for your continued support.

Yours faithfully


Ron Sandler
Executive Chairman

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ChiefGrasscutter

Try this thread..
https://forums.moneysavingexpert.com/discussion/3617367