Northern Rock is thought to have contacted Asian banks such as Industrial and Commercial Bank of China and Bank of China as it stepped up its efforts to find a buyer.

Northern Rock’s advisers, which include Blackstone, Citigroup and Merrill Lynch, are trying to drum up a more competitive auction for the embattled bank and want to lure dozens more potential buyers. They are looking at a sale of the business, a possible restructuring or a solution that would include a combination of both.