High street banking giant created as Nationwide completes Virgin Money takeover

Nationwide has completed its £2.9bn takeover of Virgin Money.

It is the UK’s biggest banking merger since the financial crisis after lawyers received approval for the deal at a specialist companies court at the end of last week.

Swindon headquartered Nationwide announced today that it now owned Virgin Money’s entire issued and to be issued share capital.

David Duffy has stepped down as Virgin Money’s chief executive and replaced by former Nationwide CFO Chris Rhodes.

“Nationwide is now a stronger mutual and able to deliver even greater value through our unique Branch Promise, leading customer satisfaction, and competitive savings and lending rates,” Nationwide said.

“All Virgin Money profits will be retained for the benefit of customers and, for the first time in the UK, a full service business bank will be part of a large and modern mutual.”