The British 'bad bank' running down the loans of bailed-out lender Northern Rock repaid £2.1 billion ($3.4 billion) to the government last year after its annual profits more than doubled as fewer home-owners had trouble with repayments.
New British bank venture NBNK is interested in joining the bidding for state-owned lender Northern Rock, sources said.
The move raises the possibility that NBNK could combine Northern Rock with around 630 Lloyds bank branches it is also ey
State-owned British bank Northern Rock will be sold before the end of the year, the Sunday Times newspaper reported.
The British government, which has pumped billions of pounds into troubled banks since the credit crunch erupted in late 20
Northern Rock plans to cut 2,000 jobs and shrink its lending book by 50 billion pounds ($101 billion) as it seeks to comply with European rules for its state rescue and repay billions of pounds of taxpayers' money.
Britain's biggest casual
Britain has nationalised Northern Rock abandoning a five-month attempt to snare a private sector buyer for the ailing bank and piling more pressure on Prime Minister Gordon Brown.
Once Britain's fifth-largest mortgage lender, it has borrow
The British government has given customers of besieged lender Northern Rock an unprecedented guarantee that their savings were safe, while Australia's central bank denied speculation on Tuesday that banks there had sought emergency funds.