Nationwide Building Society Acquires Virgin Money for £2.9bn

By
Adriano Rossi
1 min read

Nationwide Building Society has made a bold move by acquiring Virgin Money in a £2.9bn deal to challenge the dominance of Britain’s largest banks. This acquisition will propel Nationwide into business banking and increase its share of the mortgage and savings market. The combined group will have assets of about £366bn, becoming the UK's second-largest provider of mortgages and savings. The acquisition price represents a 38% premium to Virgin Money’s closing share price on March 6. Virgin Money's CEO expressed excitement about the opportunity to build on strategic and operational progress. David Duffy, the current CEO of Virgin Money, will retire and be replaced by Nationwide’s finance chief Chris Rhodes. Nationwide extended its commitment to keep branches open until at least the start of 2028. Limited workforce changes are expected, with no material changes to Virgin Money’s staff count in the first year after completion.

You May Also Like

This article is submitted by our user under the News Submission Rules and Guidelines.The cover photo is computer generated art for illustrative purposes only; not indicative of factual content. If you believe this article infringes upon copyright rights, please do not hesitate to report it by sending an email to us. Your vigilance and cooperation are invaluable in helping us maintain a respectful and legally compliant community.

Subscribe to our Newsletter

Get the latest in enterprise business and tech with exclusive peeks at our new offerings