An update on Virgin Money and Nationwide
Updated on 6 September 2024
Today the boards of Nationwide Building Society (Nationwide) and Virgin Money UK PLC (Virgin Money) have confirmed that regulatory approval has been received from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for the acquisition of Virgin Money by Nationwide. This is a significant milestone for us and the final major step towards the completion of the deal.
With regulatory approval now confirmed, and having already secured clearance from the Competition and Markets Authority (CMA) in July, the next step will be a Court Hearing on Friday 27 September 2024 to sanction the sale.
Getting the green light from the FCA and the PRA is another important milestone and means that the transaction should be completed as early as 1 October 2024.
For now, there’s no impact to your Virgin Money products or services (including Clydesdale and Yorkshire Bank products and services), and no changes to FSCS deposit protections. If anything changes in the future, we’ll let you know in advance.
This is an exciting time as we look forward to a future as a strong combined group, with a wider range of products and services for all our customers.
Just so you know, fraudsters often take advantage of times of change to try and persuade people to share personal or financial information. We’ll never ask you for security details, whether over the phone, by email or via any other channel, so if someone does – please don’t share this information with them.
We’ll continue to keep our website up to date with the latest news and our teams are as committed as ever to delivering great service to you.
Thank you again for continuing to be a loyal customer.
The team at Virgin Money
