Nationwide Building Society has agreed phrases for a takeover of Virgin Money in a £2.9bn deal that will create a bigger rival to the UK’s main lenders.
While nothing has been finalised, the provide on the desk would see the 2 manufacturers proceed to be run as separate entities, with the Virgin Money model retained for round six years.
The all-cash provide of 220p per Virgin Money share represented a premium of 38% to Virgin Money’s share worth on Wednesday, Nationwide stated.
The mutual stated the deal could be funded via its current money assets and permit it to supply a wider vary of services and products to its members.
Nationwide chief govt Debbie Crosbie stated: “Importantly, Nationwide will stay a constructing society, and a mixed group would convey the advantages of fairer banking and mutual possession to extra folks within the UK, together with our persevering with dedication to retain current branches, as a part of our ‘Branch Promise’ and main ranges of customer support.
“We believe the combination would create a stronger and more diverse business that will be better placed to deliver value to our members and customers, both now and in the future.”
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Source: information.sky.com”