Richard Branson’s bid for Northern Rock has taken a blow after the crisis-hit lender placed a rival suitor on an equal footing, it was reported today.

Northern Rock suitor JC Flowers has walked away from the bidding battle to secure a rescue plan for the troubled mortgage bank, it emerged today.

The battle for crisis-hit British bank Northern Rock looks set to intensify this week as a number of suitors re-table bids to rival the one put forward by Virgin, it was reported today.

A consortium led by Richard Branson’s Virgin Group is expected to be named today as preferred buyer for Northern Rock.

Richard Branson's Virgin and private equity firm JC Flowers are heading a shortlist of buyers for crisis-hit British mortgage lender Northern Rock, reports said today.

At least two firm bids for beleaguered British mortgage lender Northern Rock have emerged, but taxpayers in the UK could still end up propping up the company for up to three years.

Private equity firm JC Flowers has made an offer for crisis-hit mortgage lender Northern Rock, it emerged today.

UK opposition parties will up the pressure on chancellor Alistair Darling over the Northern Rock crisis today as the company continues its search for a potential buyer.

Shareholders of beleaguered Northern Rock were facing up to more heavy losses today after the company admitted rescue plans for the group were “materially below” the company’s current value.

British Chancellor Alistair Darling will set out the UK government’s principles for the sale of troubled lender Northern Rock today.

Today is the final date for bidders to put forward rescue proposals for beleaguered British mortgage lender Northern Rock.

Investors returned to banking stocks today as the London market ended a three-day losing streak.

Shares in crisis-hit Northern Rock jumped today after one of the City’s foremost bankers unveiled rescue plans for the mortgage lender.

A former boss of Abbey said today that he was working on a possible salvage plan for stricken mortgage bank Northern Rock.

Abbey National yesterday welcomed the appointment of a Spanish banker at its helm as Santander Central Hispano (SCH) outlined its plans for the banking giant.

The takeover of Abbey National cleared a major hurdle today after shareholders in Spanish bank Santander Central Hispano (SCH) voted to approve the deal.

Abbey National today welcomed the appointment of a Spanish banker at its helm as Santander Central Hispano (SCH) outlined its plans for the banking giant.

Abbey National today confirmed it was in advanced talks to sell a business that provides mortgages to Britons looking to set up home in France.

Banking group Abbey National today remained tight-lipped over a report claiming it had received a “serious” takeover offer from a Spanish bank.

Shares of Abbey National Plc had their biggest gain in six months after the Financial Times said Santander Central Hispano SA expressed an interest in buying the lender.

Abbey National Plc warned yesterday that weak trading at its core retail banking business could damage full-year profits, sending shares in the Britain’s second-biggest mortgage lender lower.

The National Association of Pension Funds (NAPF) in the UK is questioning a bonus payment made to the chief executive of troubled mortgage lender Abbey National.

BRITAIN'S second biggest mortgage lender Abbey National, targeted last year recently by Bank of Ireland, slumped to its first annual loss of €1.447 (Stg£984m) in a massive reversal of fortunes.

Banking and insurance stocks will be at the forefront of minds on the London market next week as a clutch of leading companies issue annual results.

Abbey National is expected to outline plans to split its business in two when it reports its full-year results later this month, it emerged today.

London shares finally kicked into life today as better-than-expected economic data in the United States rubbed off on investors.

Next week will be a busy one in the London market. As well as British Chancellor Gordon Brown’s Pre-Budget Report, investors will be digesting a swathe of updates from some of Britain’s best known companies, including Abbey National, Tesco and Granada.

BANK OF IRELAND has retired with a bloody nose from its €16.5 billion battle to take over Britain’s sixth biggest bank, Abbey National.

Troubled mortgage bank Abbey National today pledged to focus on turning around its business after seeing off a £10bn merger bid from Bank of Ireland.

The London market fell back today as investors took profits after a run of gains.