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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/advisers-to-look-at-rock-options.jpg"><img class="alignnone size-full" title="Northern Rock was nationalised in February 2008" src="http://londonglossy.com/wp-content/uploads/2011/01/min-advisers-to-look-at-rock-options.jpg" alt="Northern Rock was nationalised in February 2008"/></a></p>
<p>The Government took its first formal step in returning nationalised bank Northern Rock to the private sector as it announced plans to hire advisers.</p>
<p>UK Financial Investments (UKFI) &#8211; the body charged with overseeing the Government&#8217;s banking assets &#8211; launched a tender for corporate finance advisers to look at the strategic options for Northern Rock, including a sale, but stressed no decisions had yet been made.</p>
<p>&#8220;There is no presumption at this stage that any particular option will be pursued and no timeframe has yet been set for the return of the company to private ownership,&#8221; it added.</p>
<p>Northern Rock was nationalised in February 2008 after it collapsed amid the credit crisis, sparking the first run on a UK bank for 150 years.</p>
<p>The Government split the bank in two at the start of last year, forming a mortgage and savings bank called Northern Rock plc and Northern Rock Asset Management to house the more toxic loans.</p>
<p>Advisers are being sought for Northern Rock plc &#8211; the so-called &#8220;good&#8221; part of the bank &#8211; with a report yesterday suggesting that Goldman Sachs and Bank of America had been contacted to prepare for a possible sale.</p>
<p>Northern Rock was brought into public hands nearly three years ago after the Government shunned takeover bids at the time from suitors including Virgin Money.</p>
<p>Virgin Money, headed by chief executive Jayne-Anne Gadhia, is still widely seen as a front-runner to snap up the group.</p>
<p>However, ministers have been keen to stress that a sale is not a foregone conclusion and a stock market flotation is also another alternative.</p>
<p>Northern Rock, which reports annual results in March, said it made losses of £140 million in the first half of 2010.</p>
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