UKFI executive to stand down following Rock sale

ONE of the most senior executives at UK Financial Investments (UKFI), the state agency that manages taxpayers’ stakes in nationalised banks, is to step down.

Keith Morgan, who manages government stakes in Northern Rock, UK Asset Resolution (or the Northern Rock “bad bank”) and Bradford & Bingley, will leave in the first half of 2012. The move follows the agreement of a deal to sell the Rock to Virgin Money for £747m.