However the bank did say that it had 'engaged with other parties' to keep its options open. This includes Olivant - the bidder backed by 23 per cent of its shareholders.
This announcement coincides with the departure of Adam Applegarth, passing the baton to Andy Kuipers who takes up the position of chief executive and a director of Northern Rock.
Chairman, Bryan Sanderson said he was confident that Kuipers was the right man for the job.
Once Kuipers has obtained FSA approval under its approved persons regime, he will oversee the banks ongoing strategic review until the proposed deadline of February 2008 is reached.
