Partner Article

Northern Rock pulls out of Guernsey

NORTHERN Rock is to close its operation in Guernsey following a strategic review which concluded that it no longer meets its commercial objectives.

The Newcastle-headquartered lender will close the Northern Rock Guernsey (NRG) division in September and has informed its 6,000 offshore customers that they have three months to close their accounts.

The Rock’s chief executive Gary Hoffman said: “The Board considers the closure of our Guernsey operation to be a necessary step as we continue to prepare the company for a return to private ownership and to deliver value to the taxpayer.

“The closure will be conducted in an orderly manner, over a three-month period, and we aim to make the process as easy as possible for customers.”

NRG chairman Ian Beattie said: “Since its inception in 1995, NRG has been successful and provided a secure place for customers’ deposits.

“That has been achieved with the assistance from our parent company, Northern Rock plc, our dedicated staff and of course our loyal customers, who I would like to thank for their support.”

The group also reassured customers that their savings remain safe and secure.

This was posted in Bdaily's Members' News section by Ruth Mitchell .