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On 7 March 2024 Nationwide Building Society, the UK's largest building society, announced that they had made an offer to buy Virgin Money UK plc for £2.9 billion. [4] Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing. [4]
Nationwide has gained £2.3 billion following its acquisition of Virgin Money, according to the firm’s half-year results. The building society completed its £2.9bn takeover of Virgin Money in ...
On 7 March 2024, Nationwide Building Society, the UK's largest building society, announced that they had made an offer to buy the bank's parent company, Virgin Money UK plc, for £2.9 billion. [57] Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand ...
Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term". [30] Virgin Money currently issue Scottish bank notes under the Clydesdale Bank branding. [31] Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year. [32]
The proposed deal will create a combined group with around 24.5 million customers, more than 25,000 staff and nearly 700 branches.
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On 12 October 2012 Northern Rock plc was renamed Virgin Money plc, and Virgin Money Limited was renamed Northern Rock Limited. By this time the Northern Rock website had effectively become a 'soft redirect' to Virgin Money's website. In 2024, Nationwide Building Society bought Virgin Money, and aims to rebrand the business to Nationwide in 4 years.
The lender said it would need to cut costs by £200 million a year, up from £175 million previously, to pay for the investment plans.