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16 Dec 2009
Former Abbey group FD Mark Pain will serve with the newly-created Northern Rock as a non-executive director.
Pain, a former group FD of Barratt Developments, takes on the role as Northern Rock splits into a new mortgage-taking business, and one containing its historic debts and loan book.
Northern Rock will be split into: A new customer savings and mortgage bank known as Northern Rock, which will also hold some of the previous incumbent's wholesale deposits; and Northern Rock (Asset Management), which is effectively the existing company's residential mortgage book that will be regulated as a mortgage provider but not a deposit taking bank.
NRAM will hold all unsecured loan accounts, the government loan and the current wholesale funding and debt instruments, and mortgages allocated to the Granite securitisation.
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