Northern Rock
Northern Rock
Northern Rock is currently the 9th largest UK quoted bank (by market capitalisation), the largest financial institution based in the North East of England and one of the most cost efficient UK mortgage lenders based on key performance ratios.
Northern Rock is a specialised mortgage lender, whose core business is the provision of UK residential mortgages funded in both the retail and wholesale markets. Northern Rock also provides a range of other services, mainly related to its core activities.
Residential mortgage and retail savings products are distributed to retail customers through Northern Rock’s diversified distribution network with an emphasis on cost efficiency. The network consists of 76 branches, plus mortgage centres, postal, telephone and Internet operations.
New mortgage business is originated via a national salesforce, a widespread intermediary network and Northern Rock Direct, a centralised telephone-based lending operation and Internet.
Northern Rock has adopted policies designed to ensure that its asset quality remains high.
The Northern Rock Group's residential mortgage assets are diversified by geographic region. A complete range of innovative mortgage products are designed to meet the needs of all types of mortgage borrower.
Northern Rock offers a range of household insurance and payment protection products, primarily to residential mortgage customers, via third party providers. Life insurance products are supplied to Northern Rock's customers through a relationship with Legal & General Assurance Company Ltd.
Northern Rock provides a wide range of branch, postal, telephone and Internet based savings accounts. A range of transaction accounts includes cheque books, Automated Teller Machine (ATM) cards and debit cards.
Northern Rock's roots go back to the 1850s in Newcastle. In 1965, the Northern Counties and Rock Permanent building societies merged to form Northern Rock. That Society became the tenth largest building society in the UK after its merger with the Sunderland-based North of England Building Society in 1994.
In April 1997, Northern Rock Building Society members voted overwhelmingly to convert to a public limited company. Conversion became effective when the ordinary share capital of the Company was admitted to the Official List of the London Stock Exchange on 1 October 1997. At the time, Northern Rock was the UK's fourth largest building society and 885,764 qualifying recipients each received 500 free Ordinary Shares in Northern Rock plc.
Under the terms of the conversion, a charitable foundation, The Northern Rock Foundation, was established as a way of expressing the organisation's commitment to its mutual history and to the region from which it has drawn and continues to draw much of its strength. The Foundation will receive approximately 5% of the annual consolidated profit before tax of Northern Rock plc, paid under a Deed of Covenant. Under the direction of an independent Board of Trustees, its primary objective is the support of charitable causes mainly, but not exclusively, in the North East of England.
Source www.northernrock.co.uk
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