Nationwide has announced that it has agreed the terms of a recommended cash offer with Virgin Money’s Board for the Virgin Money business.
Nationwide announced its intention to acquire Virgin Money previously in March.
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Nationwide believes that the acquisition will create a financially stronger building society with returns that will deliver greater value to its members, including savings and lending rates that are, on average, better than the market average.
The board agreed that a binding offer to acquire Virgin Money was in the best interests of the society, and its present and future members, following full consideration and the appropriate due diligence, and after taking comments from members into account.
The deal will bring an established business banking service within the Nationwide Group, and the benefits of fairer banking and mutual ownership to more people in the UK.
Nationwide extends branch promise to 2028
Nationwide has announced further developments on one of its biggest talking points of late, by revealing it will extend its branch promise by another two years. Therefore, everywhere it has a branch will still be there until at least the start of 2028.
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By GlobalDataShould Nationwide be successful in buying Virgin Money, the Promise will also apply to Virgin Money branches, following the completion of any existing Virgin Money branch closure plans.
Debbie Crosbie, Nationwide’s Chief Executive said: “This acquisition strengthens Nationwide and means we can offer more value and broader services for our current and future members. More people will experience the benefits of mutual ownership and the customer-focused approach of a building society. This includes Nationwide’s unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches.”
Kevin Parry, Chairman of Nationwide added: “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.”
