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Former Abbey chief exec to lead new offer for Northern Rock

An investment group led by the former chief executive of Abbey Luqman Arnold has confirmed it is to offer a proposal to the board of Northern Rock.

Independent firm Olivant says its proposal would involve the immediate introduction into Northern Rock of a core team of Olivant’s experienced principals, led by its chairman Arnold, to work alongside its existing board and management.

The group’s proposal also includes a subscription of a minority stake in Northern Rock, intended to ensure Olivant’s alignment with the board and the shareholders.

The firm has confirmed it is not proposing an offer for the shares of Northern Rock.

Arnold previously helped secure Abbey’s deal with Spanish banking firm Santander.

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