Yorkshire Building Society, one of the UK's leading mutually-owned savings firms, has decided against bidding for Northern Rock, the nationalised British bank put on sale by the government.
'While we believe that the remutualisation of Northern Rock is the right thing, at this time this is not the transaction for our current and future members,' a spokeswoman for the building society said.
She added that Yorkshire Building Society was instead focusing on its recent acquisitions of the Norwich & Peterborough savings company and the mortgage and savings businesses of Egg Banking. 'We are busy focusing on those two transactions,' she said.
Northern Rock was fully nationalised three years ago after nearly collapsing during the credit crunch. British Finance Minister George Osborne said last month that he aimed to find a buyer for it this year.
Britain's building societies have led a campaign to remutualise Northern Rock. Sources said that Virgin Money had submitted an expression of interest to buy Northern Rock, but Coventry Builsing Society this afternoon ruled out a bid.
