Northern Rock has announced it is likely to build a major new £60m office complex which could create up to 2,500 jobs in the North-East.
The bank, which publishes record interim results today, says it is at an advanced stage of negotiation to move into Rainton Bridge, near Houghton-le-Spring, for the development.
The company will relocate 1,000 jobs from its current site at Doxford International Business Park, in Sunderland, to the new site, with the workforce expected to grow in time to 3,500.
Work is expected to begin next year and be completed by the summer of 2007.
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