Executive Summary
Bank. Northern Rock Building Society was formed on 1 July 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). After such time, Northern Rock Building Society merged with a number of small local building societies and, prior to its conversion to a public limited company in October 1997, was an amalgamation of 53 societies. The most significant development in the recent history of Northern Rock was its conversion on 1 October 1997 from a building society to a public limited company, listed on the London Stock Exchange and authorised under the Banking Act 1987. The conversion also resulted in the establishment of The Northern Rock Foundation, a charitable body which is entitled to receive approximately 5% of the annual consolidated profit before tax of Northern Rock plc.
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