JC Flowers, the private equity consortium vying for Northern Rock, has recruited a heavyweight management team to run the bank, led by Paul Myners, former chairman of M&S, and Richard Pym, former chief executive of Alliance & Leicester, who would become chief executive. JC Flowers has also enlisted Hugh Scott-Barrett, the former FD of ABN Amro. Meanwhile, notes Lombard, the scale of refinancing required for the Rock continues to mount, with its total state-sponsored borrowing now £20.6bn. The European Commission has raised no objections to the facility, suggesting it is not being treated as state aid and there is scope for an extension beyond February, when the facility is due to expire. The government’s involvement in the bank is looking increasingly long-term.

This entry was posted by Helen Thomas on Friday, October 26th, 2007 at 5:30 and is filed under Capital markets, People, Private equity. Tagged with Hugh Scott Barrett, jc flowers, northern rock, paul myners, Richard Pym. Edit this entry.