Nationwide gains £2.3bn from Virgin Money takeover to ‘benefit’ customers

Nationwide Building Society has said it has gained £2.3 billion since buying rival bank Virgin Money (Mike Egerton/PA) - (PA Wire)

Nationwide Building Society said it has gained £2.3 billion since buying rival bank Virgin Money, but reported a drop in profits as the benefit of higher interest rates faded and it dished out cash to members.

The building society said the value of Virgin Money, which it acquired in October, was well above the £2.8 billion takeover price.