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The proposed deal will create a combined group with around 24.5 million customers, more than 25,000 staff and nearly 700 branches.
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 ...
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.
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 intends to remain as a building society and for the "medium-term" the Virgin Money business would remain its own legal entity with its own banking licence. [4]
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 ...
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]
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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.