BusinessCompany NewsFormer Abbey FD joins ‘new Northern Rock’ board

Former Abbey FD joins 'new Northern Rock' board

Mark Pain to serve as a non-exec at renewed Northern Rock

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.

Further reading:

Profile: Mark Pain, FD of Barratt
Homes

Related Articles

No compensation for Rock shareholders: BDO

Business Recovery No compensation for Rock shareholders: BDO

8y David Jetuah, Reporter
McConville joins Northern Rock as CFO

Company News McConville joins Northern Rock as CFO

8y Kevin Reed, Writer
Skipton Building Society appoints new FD

Company News Skipton Building Society appoints new FD

8y Kevin Reed, Writer
Godbehere to depart the Rock

Company News Godbehere to depart the Rock

9y David Jetuah, Reporter
BDO's Rock valuation at centre of High Court showdown

Business Recovery BDO's Rock valuation at centre of High Court showdown

9y David Jetuah, Reporter
Former Northern Rock CFO to take up UBS role

Company News Former Northern Rock CFO to take up UBS role

9y Rachael Singh, Writer
ICAEW head to recommend Bradford & Bingley valuation expert

Company News ICAEW head to recommend Bradford & Bingley valuation expert

9y Accountancy Age, Reporters
Rock valuation branded a 'charade' at the High Court

Business Recovery Rock valuation branded a 'charade' at the High Court

9y David Jetuah, Reporter