Nationwide take over of Virgin Money

dr_adidas01

You should have received this email if your a Nationwide customer. 

WillPS

Some interesting tidbits buried in the Preliminary Results released today.

Plans for Virgin Money continue to progress positively

• Following our acquisition of Virgin Money, our financial strength will enable us to deliver value to our customers, through our competitive rates and focus on customer service.

• We are planning to introduce a new process to bring Virgin Money’s business banking offering to Nationwide customers.

• Integration plans are progressing well, and our expenditure directly on integration has been lower than we expected.

• As we carefully integrate Virgin Money within the Group, we are focusing on its three key priorities: investing in customer improvements, delivering business performance and growth, and building technology resilience and readiness for integration.

• We are preparing to transfer the assets and liabilities of Virgin Money’s main operating subsidiary, Clydesdale Bank PLC, into Nationwide Building Society, which we expect to complete in 2026/27*. This will be part of the wider integration programme that we plan to complete over several years.

• We will continue to prioritise good customer outcomes throughout the integration.
  

* Through a proposed banking business transfer under Part VII of the Financial Services and Markets Act 2000, subject to legal and regulatory approval and completion of internal governance processes.

   
If my read is correct, that penultimate point means that Nationwide does indeed intend to mutualise the bulk of their acquired books. 26/27 is quicker than I had presumed such a thing might happen.

WillPS

Another thing I've noticed, the Virgin Money "Private" packaged account went NLA at some point since the takeover. 

I had wondered how compatible an account with higher eligibility requirements would be with a mutual.