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Tesco to bid for Northern Rock, say reports

Tesco is a potential bidder for state-owned bank Northern Rock.

Reports in the Times today suggest that the supermarket giant has shown interest in buying the bank ahead of the general election.

Reports also suggest that the Virgin Group, which put forward plans to take control of Northern Rock in 2007, has expressed renewed interest.

A Northern Rock spokesman says: “We never comment on market speculation.”

Last week reported how Northern Rock will be split between two mortgage banks in the second half of the year.

The proposed restructuring will split the company into two separate entities. The first lender, “BankCo”, will hold deposits, branches and unencumbered mortgage assets. The second, “AssetCo”, will be made of the Granite master trust, all covered bonds, the Northern Rock mortgage book and all other wholesale instruments.


Employee benefit firms in merger

Towers Perrin and Watson Wyatt are to merge to create the world’s biggest employee benefits consultancy. The new firm is to be called Towers Watson & Co, with Watson Wyatt chief executive John Haley becoming chief executive and Towers Perrin chief executive Mark Mactus becoming president.


TPAS voices Sipp suitability concerns

After numerous probes by the FSA, The Pensions Advisory Service is now flagging up issues regarding the suitability of advice around self-invested personal pensions.


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