Virgin boss Branson buys Northern Rock

17th November 2011

Following a bank run in 2007, Northern Rock was completely nationalised. It was then split into what was effectively a ‘bad bank'  i.e. one with toxic assets or in other words loans that might not be paid back and a good bank.

Loosely, the good bank retained better performing assets including many Northern Rock branches and it is this bank that Branson has bought.

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