Nationwide has acquired Virgin Money in an approximately £2.9bn takeover.
Virgin Money’s entire issued and to be issued share capital was bought by Nationwide this morning.
The merger is planned to create approximately £366.3bn of total group assets and around £283.5bn in total lending and advances which, according to a joint announcement by Virgin and Nationwide, would create the second largest provider of mortgages and savings in the UK.
Both Nationwide and Virgin provide BTL mortgages, among other products.
According to the joint statement released in March this year, Virgin Money ranked sixth in the UK’s largest retail banks by total assets, with a 6.6 million-strong customer base and total lending of £72.8bn — the statement went on to say that the acquisition would allow Nationwide to increase its scale in its core lending and deposit markets.
