Regulatory approval given for Nationwide takeover of Virgin Money
Virgin Money and Nationwide have confirmed that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have consented to the £2.9bn acquisition of of Virgin Money by Nationwide.
The deal is to be implemented by means of a scheme of arrangement between Virgin Money and its shareholders under Part 26 of the Companies Act.
The acquisition was approved by Virgin Money Shareholders at shareholder meetings held on 22 May 2024.
It will not require any immediate changes to the capital structure of the Virgin Money Group or the Combined Group as a whole.
But Nationwide and Virgin Money say they intend to simplify and align their capital structures over time as part of broader integration planning.
Nationwide has confirmed that Muir Mathieson is appointed chief financial officer and executive director of Nationwide with effect from the date of this announcement.
Chris Rhodes is standing down from the Nationwide board with immediate effect and will spend the period until completion of the deal preparing to become the chief executive officer of Virgin Money.
The takeover deal will form a combined group with 700 branches – second only to Lloyds Banking Group. And the combined assets of the groups will total around £366.3bn.
Virgin Money is the UK’s sixth largest retail bank with about 6.6 million customers. Nationwide has almost 18 million customers.
