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Northern Rock To Shut Guernsey Banking Operation

Northern Rock has decided to close its banking operation in Guernsey as of September 2, 2010.

Northern Rock is winding up its Guernsey banking operation as it no longer meets the company’s long-term commercial objectives. All customers have been informed in writing and have given three months to close their accounts, commencing June 2, 2010.

Gary Hoffman, CEO of Northern Rock, said: “The Board considers the closure of our Guernsey operation to be a necessary step as we continue to prepare the company for a return to private ownership and to deliver value to the taxpayer. The closure will be conducted in an orderly manner, over a three-month period, and we aim to make the process as easy as possible for customers.

Ian Beattie, chairman of Northern Rock Guernsey NRG, said: “Since its inception in 1995, Northern Rock (Guernsey) Limited has been successful and provided a secure place for customers’ deposits.

“That has been achieved with the assistance from our parent company, Northern Rock, our dedicated staff and of course our loyal customers, who I would like to thank for their support. Our task now is to ensure that all customers are treated fairly in the orderly wind down of the bank.”