UK's FCA and PRA approve Nationwide Building Society's £2.9bn acquisition of Virgin Money.
Nationwide Building Society's £2.9 billion acquisition of Virgin Money has been approved by the UK's Financial Conduct Authority and Prudential Regulation Authority. The merger, combining the fifth and sixth largest retail lenders, will create a group with approximately 24.5 million customers and nearly 700 branches. Nationwide plans to rebrand Virgin Money within six years, with formal completion expected on October 1, pending a court hearing on September 27.
September 06, 2024
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