Citibank to lend Northern Rock billions

Citigroup Inc. wants to throw a multibillion pound (-dollar; -euro) lifeline to British mortgage lender Northern Rock to help ease its funding crisis, a newspaper reported Sunday.

Citigroup will offer loans to Northern Rock PLC for between 5 billion and 10 billion pounds (US$10.2 billion and US$20.4 billion; €7.2 billion and €14.5 billion), The Sunday Times of London reported, without citing sources.

Details of the loan terms would likely be announced this week, the paper said. Calls seeking comment from Citi and Northern Rock were not immediately returned.