Northern Rock in a hard place as 12 banks say 'not interested'

From: The Scotsman | Date: September 24, 2007| Author: | Copyright information

STRICKEN lender Northern Rock, whose shares have lost nearly three- quarters of their value since last weekend's bank run, is continuing to struggle to attract a buyer, according to weekend reports.

At least 12 of the UK and Europe's biggest banks are said to have decided not to buy the Newcastle-based lender.

Banks said to have turned their backs on a potential bid for Northern Rock include HSBC, Royal Bank of Scotland, Barclays and Lloyds TSB.

The banks have estimated that it would require too much capital - as much as GBP 20 billion - to refinance Northern Rock.

The bank's shares ...

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