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Nationwide & Virgin Money Set to Create UK’s 2nd Largest Mortgage & Savings Group

banking merger

Nationwide & Virgin Money Set to Create UK’s 2nd Largest Mortgage & Savings Group

The agreed £2.9bn deal will see Nationwide Building Society buy Virgin Money. The takeover will slowly see the Virgin Money brand being phased out over the next 6 years.

Virgin Money is the UK’s sixth largest retail bank with around 6.6 million customers, while Nationwide is the UK’s largest building society with nearly 18 million customers.

The merge would create a group with 696 branches, making it the second largest in the UK behind Lloyds Banking Group, as well as the second largest mortgage provider.

Why is Nationwide Buying Virgin Money?

Nationwide has said that the takeover would allow them to broaden products and services for customers. As well as offering rates on mortgages and savings that were better than the market average.

RBC Capital Markets Analyst Benjamin Toms was not surprised by the takeover, expecting to see similar mergers in the near future as “UK bank valuations are relatively cheap for the sustainable returns they offer.”

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For more information on the Nationwide takeover of Virgin Money, read the BBC article here.

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