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Virgin could buy Rock by end of the year

Northern Rock could be sold off by the end of the year to Sir Richard Branson, according to the Sunday Times.

Its report says Credit Suisse, the advisers managing the nationalised bank, have been told to draw up a sale plan. The paper says Virgin is top of the list of buyers of the ‘good’ side of the bank; Branson was close to buying the bank before it was nationalised in February 2008.

Other banks sounded out by Credit Suisse include Santander and National Australia Bank, says the Sunday Times.

The paper says this is all part of the plan to split the bank into two; the good bank would be sold while the Government continues to control the ‘bad’ side of the bank, which would include all of it’s ‘toxic’ assets.

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