THE chief executive of Northern Rock said there was no rush to sell the “good bank” created by the institution’s split.

Following its division into two parts last month, Northern Rock would not comment on any sale process.

Yesterday, chief executive Gary Hoffman said that there was still no formal sale process under way, but he did confirm there had been informal discussions with potential buyers.

Mr Hoffman said: “There is no formal process, no timetable, no rush.

“However, I’m confident that the Northern Rock business will be attractive to private owners in due course.”

Virgin Money, which failed in its efforts to buy Northern Rock two years ago, is seen as one of the forerunners to buy “good”

Northern Rock plc, which deals with savings and mortgages.