A company led by former Abbey boss Luqman Arnold is understood to have raised more than £150m ahead of launching its ambitious plan to rescue Northern Rock, reports The Telegraph .
In the latest twist to the saga of the beleaguered bank, Mr Arnold's investment group, Olivant, plans to put a formal proposal to the board. The Guernsey-incorporated company is believed to have raised the money, enough to buy more than 20pc of Northern Rock, earlier this year from its shareholders - which comprise institutions and family trusts. Olivant would seek to acquire between 10pc and 20pc of the shares. Shares in Northern Rock rose 15 to 160p in early trading in London. Northern Rock would continue to borrow from the Bank of England to support its mortgage business until other b...
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