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The Guardian - UK

Business

Kalyeena Makortoff Banking correspondent

Virgin Money shareholders vote for Nationwide takeover by big majority

Virgin Money Nationwide Virgin Richard Branson Debbie Crosbie Virgin Group

woman walks by Virgin Money branch — The takeover deal will be the largest in the banking sector since the 2008 financial crisis. Photograph: Henry Nicholls/Reuters

Virgin Money shareholders have voted in favour of a £2.9bn takeover by rival lender Nationwide Building Society, helping clear the path for the biggest UK banking deal since the financial crisis.

Just over 89% of voting shareholders said yes to the deal at a general meeting on Wednesday, while nearly 11% rejected the move. The resolution required at least 75% backing to pass.

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