CRISIS-hit North-East bank, Northern Rock, has been handed the Freedom of the City of Newcastle by councillors.
As speculation gathered pace that the bank could be subject to a takeover by US-based private equity firm JC Flowers, which has secured 15bn in funding, councillors gave the go-ahead for the honour, which marks the company's charitable work and contribution to the local economy.
Coun John Shipley, leader of Newcastle City Council, said: "The Northern Rock has deep roots in Newcastle. Not only is it a major employer in Newcastle, it has donated over £170m to over 1,500 voluntary organisations and charities across the region and made a priceless contribution to the business, social and cultural life of our city.
"It employs over 5,000 people in Newcastle and Sunderland and has been part of the fabric of the region for 160 years."
Northern Rock yesterday admitted it has held talks with a number of interested parties, and its share price jumped more than ten per cent on the back of the development - the first significant rise in more than a month.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article