Ron Sandler, Northern Rock executive chairman
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Northern Rock chairman welcomes sale to Virgin

Northern Rock is being sold to Virgin Money for £747m, the government has announced.

The bank was nationalised in 2008 following its near collapse at the onset of the global credit crunch.

The new owners of the bank have pledged to maintain its base in the north east of England.

Northern Rock's chairman Ron Sandler said staff there welcomed news of a deal.

  • 17 Nov 2011