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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 ...
A branch of the Northern Rock with Virgin Money branding on Briggate in Leeds. On 13 October 2007, Sir Richard Branson announced that Virgin Group were putting together a consortium of financiers to propose to plough millions into the troubled Northern Rock bank and in return take an approximate 30% stake in the business, bringing the current financial products offered by Virgin and combining ...
The proposed deal will create a combined group with around 24.5 million customers, more than 25,000 staff and nearly 700 branches.
Virgin Money, the U.K. bank part-owned by Branson, announced last week that it was the subject of a takeover bid from banking rival Nationwide for £2.9 billion, causing its share price to soar.
Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term". [31] Virgin Money currently issue Scottish bank notes under the Clydesdale Bank branding. [32] Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year. [33]
The deal is pending regulatory and EU merger approval, and the combined business will operate under the Virgin Money brand. [ 195 ] The deal with Virgin included jobs for 2,100 employees, around a million of Northern Rock's customers, 75 branches and around a £14bn mortgage book and a £16bn retail deposit book.
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The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of taxpayers' money. [ 7 ] [ 8 ] To better control the assets of the bank it was decided to split the company in two, forming the new bank and leaving this company as the so-called 'bad-bank'.