/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Nationwide to acquire Virgin Money with extended Branch Promise

Nationwide Building Society has confirmed the offer of acquisition to Virgin Money UK, agreeing to the terms of a cash offer of £2.9 billion with Virgin Money’s Board.

Be the first to comment

Nationwide to acquire Virgin Money with extended Branch Promise

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The deal was offered earlier this month, in a move to expand the group into a major retail bank.

Nationwide also announced that it will be extending its Branch Promise by two years to establish more branches until 2028. This will also apply to Virgin Money branches if acquired successfully.

The building society expressed that the deal will establish better value savings and lending rates for customers and allow the company to reach out to more users in the UK.

Nationwide confirmed that CFO Chris Rhodes will become CEO of Virgin Money, with current CEO Muir Mathieson stepping down.

Kevin Parry, chairman of Nationwide commented: "Following full consideration and the appropriate due diligence, and after taking comments from members into account, the Board of Nationwide’s assessment is that the binding offer to acquire Virgin Money is in the best interests of the Society and its present and future members.”

Sponsored [Webinar] Ensuring Interoperability in the Age of Global, Cross-Border e-Invoicing

Comments: (0)

[New Whitepaper] APIs, Automation, and AI: An Arsenal to Defend Against Card Transaction FraudFinextra Promoted[New Whitepaper] APIs, Automation, and AI: An Arsenal to Defend Against Card Transaction Fraud