Nationwide Acquires Virgin Money in Landmark £2.9bn Deal

The takeover, set to be completed in Q4 this year, will create the UK's largest building society, combining 24.5 million customers and nearly 700 branches.

• Nationwide's £2.9bn acquisition of Virgin Money marks the largest UK banking deal since the financial crisis, without a vote from Nationwide members due to takeover rules.
• Virgin Money shareholders will vote on the deal, which includes a £250m exit fee to Sir Richard Branson and annual licensing fees, leading to a rebranding to Nationwide.
• The merger will see Virgin Money CEO David Duffy step down, with Nationwide's finance chief Chris Rhodes set to take the lead.
• Nationwide pledges to keep all branches open until at least the start of 2028, extending its branch promise by two years.
• Critics and supporters alike weigh in, with concerns about the mutual building model and optimism for a stronger building society and broader services.

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