Nationwide take over of Virgin Money

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SandyN21
SandyN21 Posts: 190 Forumite
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edited 7 March at 11:30AM in Budgeting & bank accounts
I've got several savings accounts with Virgin Money plus credit and debit accounts.... will they be affected? 

https://news.sky.com/story/nationwide-agrees-terms-for-2-9bn-takeover-of-virgin-money-13088922
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  • wmb194
    wmb194 Posts: 3,333 Forumite
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    edited 7 March at 9:24AM
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    Announcement here: https://www.londonstockexchange.com/news-article/VMUK/joint-statement-re-potential-cash-acquisition/16365721

    Sounds like they will continue to be run as separate entities, at least for a while.

    It says, "Integration: Nationwide would seek to integrate Virgin Money gradually over multiple years into the Nationwide group...  In the medium term, Virgin Money would continue to operate as a separate legal entity within the Nationwide group, with a separate board of directors and a separate banking licence. Nationwide intends that the combined group would retain the "Virgin Money" brand in the medium term, but has agreed with Virgin Enterprises ... that it would cease doing so over a six-year period from completion of the Potential Acquisition, by which point Nationwide would intend to have re-branded the Virgin Money business.

    Customers: ...      Virgin Money customers would not automatically become members of Nationwide."
  • Aidanmc
    Aidanmc Posts: 738 Forumite
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    Nationwide have a pop up when logging in
  • WillPS
    WillPS Posts: 3,482 Forumite
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    edited 7 March at 10:12AM
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    Little note on there for the moaners/diehard carpetbaggers who sniffed a whiff of demutualisation with last year's rebrand:
    Importantly, Nationwide will remain a building society.
  • la531983
    la531983 Posts: 1,863 Forumite
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    edited 7 March at 11:30AM
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    https://forums.moneysavingexpert.com/discussion/6511397/nationwide-take-over-of-virgin-money#latest
  • WillPS
    WillPS Posts: 3,482 Forumite
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    edited 7 March at 11:30AM
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    la531983 said:
    https://forums.moneysavingexpert.com/discussion/6511397/nationwide-take-over-of-virgin-money#latest

    Thanks. Should be moved to this board in my view because it pertains to more than just Savings & Investment, it covers all general banking.
  • boingy
    boingy Posts: 1,332 Forumite
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    edited 7 March at 10:24AM
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    That one feels to have come out of the blue! For Nationwide that's a much better use of funds compared to giving money away.
  • Section62
    Section62 Posts: 7,803 Forumite
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    boingy said:
    That one feels to have come out of the blue! For Nationwide that's a much better use of funds compared to giving money away.
    Have no fear, there's enough cash floating around to buy VirginMoney and still give money away.....
    The Nationwide Board believes that the Potential Acquisition would create a combined group with enhanced financial strength, including through access to greater diversity of funding, notably from business deposits, and the opportunity to generate improved returns. Nationwide expects to be able to capitalise on this financial strength to support the continued provision of its 'Fairer Share Payment' to eligible Nationwide members....
    Presumably the "notably from business deposits" is a reference to Nationwide's failed attempt to move into business banking, which they can get round by buying a bank that already has other activities up and running.
  • steven141
    steven141 Posts: 88 Forumite
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    I wonder if this would affect the printing of Clydesdale Bank notes or if that would end. 
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