15 December 2017
visit http://response.ncr.com

Tesco may bid for Northern Rock - The Times

01 July 2009  |  6648 views  |  0 branch banking

UK supermarket chain Tesco may be a surprise bidder for nationalised bank Northern Rock, the Times newspaper has reported.

The broadsheet said Tesco had shown "provisional interest" in buying the bank, which was taken over by the UK government last year after being laid low by the credit crunch.

The government is understood to be looking for a buyer for the bank ahead of an anticipated general election in June next year. Virgin, which tried to take-over the distressed lender at the time of its failure, and a number of private equity bidders are also reported to have expressed an interest.

Tesco recently opened a new headquarter office for its financial services business in Edinburgh. The retailer is currently opening bank branches in a number of its supermarket outlets and is looking at buying in technology to enable it to start selling mortgages and current accounts within the next 18 months.

A straightforward take-over of Northern Rock would offer a battle-hardened platform and instant go-to-market capability.

A Tesco spokesman dismissed the report as "pure speculation".

Tesco linked to early sale of Northern Rock - TimesOnline

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco and Fortis in insurance talks

Tesco and Fortis in insurance talks

26 June 2009  |  6529 views  |  0 comments
Tesco to open 30 'bank branches' this year

Tesco to open 30 'bank branches' this year

30 March 2009  |  12610 views  |  0 comments
Northern Rock saved by "inadequate" IT

Northern Rock saved by "inadequate" IT

23 March 2009  |  7515 views  |  0 comments
Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

06 March 2009  |  11489 views  |  0 comments
Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

19 December 2008  |  14120 views  |  0 comments
Tesco eyes UK mortgage market

Tesco eyes UK mortgage market

01 October 2008  |  9975 views  |  0 comments
Tesco to take on UK's retail banks

Tesco to take on UK's retail banks

28 July 2008  |  15588 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.niceactimize.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10352 views comments | 17 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9682 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9104 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7672 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7297 views comments | 15 tweets | 24 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job