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Virgin Money retires Northern Rock brand

Northern Rock's Liverpool branch Credit: Peter Byrne/PA Wire

The banking chain Northern Rock finally died today. Virgin Money, which bought the bank last November in a deal worth £747 million, has decided to terminate the brand.

A spokesman for Virgin Money said: “We have been working hard to integrate the Virgin Money and Northern Rock businesses this year.

"All of the branches have been transformed into Virgin Money Stores [and] the company has been renamed as Virgin Money plc."

Northern Rock: Taxpayers could lose £2bn

A sign is seen above a Northern Rock bank branch Credit: Reuters

The taxpayer may lose around £2bn after the assets of collapsed bank Northern Rock are wound down, The National Audit Office has said.

The public spending watchdog also said taxpayers lost approximately £480m when Northern Rock PLC was sold in 2011.

The early sale of Northern Rock to Virgin Money was the "best way" to protect the taxpayer from greater losses, the report from the spending watchdog said. Northern Rock was saved in 2008 at the beginning of the financial crisis.