Nationwide take over of Virgin Money

blue.peter

Virgin Money used to be CYBG.

Debbie Crosby is CEO of Nationwide. She used to be COO of CYBG (2015 - 2019). She also used to be CEO of TSB (2019 - 22). I wonder if the enlarged Nationwide will go after TSB next?

mebu60

Amongst other synergies VM will save what it pays to Virgin Group (aka R Branson esq) for licensing the brand name. £17m last year. 

Bridlington1

blue.peter said:

Virgin Money used to be CYBG.

Debbie Crosby is CEO of Nationwide. She used to be COO of CYBG (2015 - 2019). She also used to be CEO of TSB (2019 - 22). I wonder if the enlarged Nationwide will go after TSB next?

They already did:
https://www.thisismoney.co.uk/money/markets/article-10454905/Nationwide-holds-secret-talks-acquire-TSB.html

blue.peter

Bridlington1 said:

They already did:
https://www.thisismoney.co.uk/money/markets/article-10454905/Nationwide-holds-secret-talks-acquire-TSB.html

Thanks. I must have missed that one.

boingy

blue.peter said:

Virgin Money used to be CYBG.

Debbie Crosby is CEO of Nationwide. She used to be COO of CYBG (2015 - 2019). She also used to be CEO of TSB (2019 - 22). I wonder if the enlarged Nationwide will go after TSB next?

I'd like to think she's buying up everywhere she ever worked just so she can fire anyone who was ever rude to her or that she just didn't like.

King_Of_Fools

steven141 said:

I wonder if this would affect the printing of Clydesdale Bank notes or if that would end. 

I suspect they will keep the Clydesdale banking licence for that very reason and it will remain separate from the Nationwide banking licence.

Notice they only say they will rebrand the Virgin business, not that it will be rebranded as Nationwide.

I would imagine having a separate business headquartered in Scotland would have a number of benefits. After all, it is exactly what NatWest do with RBS and Lloyds do with BoS.

blue.peter

boingy said:

blue.peter said:

Virgin Money used to be CYBG.

Debbie Crosby is CEO of Nationwide. She used to be COO of CYBG (2015 - 2019). She also used to be CEO of TSB (2019 - 22). I wonder if the enlarged Nationwide will go after TSB next?

I'd like to think she's buying up everywhere she ever worked just so she can fire anyone who was ever rude to her or that she just didn't like.

We're thinking along the same lines

King_Of_Fools

wmb194 said:

Nationwide thinks it already has problems with creaking IT...

Yes, I have a current account, credit card and savings account with Virgin and they use three different systems with different logins.

• The current account can be accessed on the website or via an app
• The credit card can only be accessed via a different app
• The savings account can only be accessed by a different website login (and you have to remember what your savings account sort code is as there are three different choices each with different logins)

I imagine they have given themselves 6 years to sort out all the different systems.

MSE_ForumTeam5

We've merged the two threads on this news

Section62

mebu60 said:

Amongst other synergies VM will save what it pays to Virgin Group (aka R Branson esq) for licensing the brand name. £17m last year. 

Nationwide would rebrand VirginMoney, but it appears this wouldn't be to 'Nationwide' but instead to some other name as a separate entity. (Who knows, maybe "TSB"?)

I suspect the rebrand costs, and ongoing cost of running two separate brands, may well make £17m pa look quite reasonable.