UK widens search for Northern Rock solution: source
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Goldman Sachs , hired to help arrange financing to rescue Northern Rock , is now seeking investors in China and the Middle East to help fund a takeover, a source familiar with the situation told Reuters.
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock  on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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Billionaire Richard Branson, banker  Luqman Arnold and an in-house management team are set to pitch  formal offers for Britain's Northern Rock Plc  on  Monday, the government's deadline for bids.
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The Bank of England has offered an emergency loan to Northern Rock  after the mortgage lender became the biggest British casualty so far of the credit squeeze sparked by the crisis in U.S. subprime mortgage markets.
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LONDON, Sept. 17 -- Worried depositors lined up Monday outside branches of Northern Rock, Britain's fifth-largest mortgage lender, to withdraw their money even as top government officials promised them it was safe.
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Britain set a two-week deadline for a  private-sector rescue of Northern Rock  on Monday as it  confirmed plans to convert its billions of pounds of loans to  the stricken bank into bonds in a bid to smooth a deal.
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The Bank of England has offered an emergency loan to Northern Rock after the mortgage lender became the biggest British casualty so far of a credit squeeze.
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A deadline on private bids for Northern Rock, the British bank almost ruined by the squeeze on global credit, was to expire on Monday amid speculation that three proposals will be made to the board.
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A deadline on private bids for Northern Rock, the bank almost ruined by the squeeze on global credit, was to expire on Monday amid speculation that three proposals will be made to the board.
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Northern Rock hopes a UK government pledge will reassure its customers as other banking shares soar.
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The government is to offer more financial support to potential private sector buyers of Northern Rock.
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The Bank of England will offer additional reserves to lenders Tuesday as part of a global attempt to tackle the deepening credit crisis.
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The Bank of England has stepped in to provide emergency financial support to Britain&#39;s fifth-largest mortgage lender Northern Rock, the latest institution to fall victim to market turmoil, officials confirmed Friday.
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Shares in troubled mortgage lender Northern Rock rose on a promise by the central bank to back its deposits, but worried customers continued to line up Tuesday to withdraw their savings.
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Mortgage lender Northern Rock calls on Bank of England to provide emergency funding.
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The Bank of England said Wednesday it would pump more cash into the financial system amid recent turmoil in global credit markets -- and could inject more liquidity as soon as next week.
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The Bank of England pumped another 4.4 billion pounds into money markets on Tuesday amid turmoil surrounding embattled bank Northern Rock.