Northern Rock is thought to have contacted Asian banks such as ICBC and Bank of China as it stepped up its efforts to find a buyer. Northern Rock’s advisers are trying to drum up a more competitive auction for the embattled bank and want to lure dozens more potential buyers. The advisers are thought to have approached up to 50 potential bidders, which also include India’s ICICI Bank and private equity group Thomas H Lee, to try to gauge interest. Those that are thought to have received a detailed information memorandum, sent out last week, include Nationwide Building Society. Separately, the Telegraph reports that savers have withdrawn £10.5bn from Northern Rock since the lender appealed to the Bank of England for emergency funding in September, according to its sales document. The memorandum apparently refers to Northern Rock as Blackbird and calls the plan to sell it Project Wing.
