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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Nationwide agrees £2.9bn deal to take over Virgin Money

Virgin Money Nationwide Virgin Richard Branson David Duffy
A Virgin Money sign with a smartphone showing the nationwide app in the foreground
Nationwide ruled out ‘material changes’ to Virgin Money’s 7,300-strong staff base in the first year after the takeover. Photograph: Rafael Henrique/Sopa Images/Rex/Shutterstock

Nationwide building society is lined up to take over its smaller rival Virgin Money after the pair formally agreed a deal worth £2.9bn.

The acquisition, which will solidify Nationwide’s position as the UK’s second-largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy, and is likely to lead to job cuts as well as an official “review” of the combined group’s workforce.

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