Nationwide strikes deal to buy Virgin Money

Published

14 minutes ago

Nationwide Building Society has reached an agreement to buy Virgin Money in a £2.9bn deal which would see the brand eventually disappear.

The deal would create one of the UK's largest mortgage and savings groups.

Nationwide said it would not make any material changes to Virgin Money's 7,300 employees "in the near term".

It said that it would keep using the Virgin Money brand initially but it would be phased out over six years once the proposed takeover is completed.

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