Northern Rock chief executive resigns

0 Comments | AFP, November, 2007

LONDON (AFP) — Adam Applegarth, the chief executive of embattled British bank Northern Rock, resigned on Friday, his employer said.

However he will continue to run the group until around the end of January next year, Northern Rock added in a statement.

Northern Rock ran into serious trouble sourcing credit in September as it became caught up in the fallout from the US subprime housing crisis.

Northern Rock received financial help from the Bank of England as it grappled with the first run on a British bank in living memory.

Friday was meanwhile the deadline for indicative proposals regarding the future of the ailing bank. Among those looking to save Northern Rock is Virgin, the conglomerate owned by British tycoon Richard Branson.

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