A SALE process for Northern Rock could begin within weeks after Deutsche Bank recommended it was the best option for the taxpayer, according to reports this evening.
According to Sky News Deutsche Bank, which was appointed by Northern Rock in March to examine options for its future, has presented its findings to the boards of UK Financial Investments (UKFI), the body charged with overseeing the Government's banking assets and the Rock itself.
Deutsche was examining options, which could include a sale, direct mutualisation or a stock market flotation of the "good bank, " following its split from "bad bank" NRAM last year.
Deutsche's conclusion was that a sale of the Rock to another bank or new entrant was likely to offer greater value than listing it on the stock market or directly turning the former building society back into a mutual.
However, that does not rule out a sale to a building society, with both the Yorkshire Building Society and the Coventry Building Society expressing interest in recent weeks.
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