Nationwide take over of Virgin Money

WillPS

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

Lightning360

WillPS said:

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

A quick search suggests that they have closed some branches since introducing this promise.

WillPS

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

A quick search suggests that they have closed some branches since introducing this promise.

You answered a different question - they have closed many branches. Which branches are they closing, please?

dr_adidas01

Latest Email from Nationwide about the purchase of Virgin Money. 

Lightning360

WillPS said:

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

A quick search suggests that they have closed some branches since introducing this promise.

You answered a different question - they have closed many branches. Which branches are they closing, please?

It is still a relevant answer as it shows that, despite their promise that they are "not closing branches", they have, in fact, closed branches since this promise was around. So yes, they have indeed closed branches despite them saying they aren't closing branches.

WillPS

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

A quick search suggests that they have closed some branches since introducing this promise.

You answered a different question - they have closed many branches. Which branches are they closing, please?

It is still a relevant answer as it shows that, despite their promise that they are "not closing branches", they have, in fact, closed branches since this promise was around. So yes, they have indeed closed branches despite them saying they aren't closing branches.

You're still answering a different question. They could have closed 100 branches since the branch promise began, but unless they are closing any presently it's still true that they aren't closing their branches. They've crafted their statement in such a way to offer no commentary of past or future closures.

(I think the number is about 10, most of which were within a small geographic area in London, and none in the last year)

Lightning360

WillPS said:

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Lightning360 said:

WillPS said:

Interesting tidbit buried in there:

"This includes Nationwide's unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches."

Presume that'd still allow them to close one branch or the other in areas where they have both.

The promise already allows them to close branches in towns/cities with multiple Nationwide branches, and also allows them to close branches for reasons "outside their control". I find it incredibly misleading that they can say "We aren't closing our branches" when that very same promise means they can close branches. But that just seems to be what the new Nationwide is like now.

Here's Nationwide's press release about the extension to their "promise".

Nationwide Building Society confirms offer for Virgin Money UK PLC and extends Branch Promise (nationwidemediacentre.co.uk)

To play devils advocate, which branches are they closing? If the answer is 'none, but they still could and not breach their "promise" ' then the samement "we aren't closing our branches" is accurate.

A quick search suggests that they have closed some branches since introducing this promise.

You answered a different question - they have closed many branches. Which branches are they closing, please?

It is still a relevant answer as it shows that, despite their promise that they are "not closing branches", they have, in fact, closed branches since this promise was around. So yes, they have indeed closed branches despite them saying they aren't closing branches.

You're still answering a different question. They could have closed 100 branches since the branch promise began, but unless they are closing any presently it's still true that they aren't closing their branches. They've crafted their statement in such a way to offer no commentary of past or future closures.

(I think the number is about 10, most of which were within a small geographic area in London, and none in the last year)

The answer is still relevant and makes it clear how misleading the statement is, whether or not you believe it is technically accurate.

Rob5342

It just means they aren't actively closing any branches at the moment, it says nothing about what they have done or might do.

It's irrelevant really, anyone with any sense will be choosing what suits them best for now and changing as soon as there is something better.

jameseonline

I'm not sure what the benefits for members/customers actually are tbh.

How does buying Virgin make it more likely to issue Fairer Share Payments in the future?.

Nationwide want accelerate that's very clear so this only really seems beneficial to them to me. Virgin Money has a history (who doesn't) it's a combo of various banks etc, I was with Virgin Money before Clydesdale took over, Clydesdale haven't done f all with the old Virgin etc from what I've seen. They've not transferred the old systems to new, because you still have separate logins depending on which account you still have.

Clydesdale's excuse was COVID for delays in sorting out things. So can Nationwide sort out all the stuff Clydesdale haven't managed to sort out from all the previous banks etc?.

Nationwide want to rebrand/merge or whatever Virgin within 6 or so years I think I saw.

How many accounts would need to be moved over to newer/better systems from Clydesdale to Nationwide?, a lot I imagine.

Also are there any threads about Barclays wanting Tesco Bank along with Coventry Building Society wanting Co Operative Bank?, if so feel free to point me to those

boingy

The buy out will make Nationwide "the UK's second largest mortgage and savings group". Nothing to do with benefitting members or customers. It's just a quick way to grow.