Virgin Money Acquisition by Nationwide Approved

Virgin Money UK (GB:VMUK) has released an update.

Virgin Money UK PLC has announced that regulatory approvals from the FCA and PRA have been granted for its cash acquisition by Nationwide Building Society, a transaction previously disclosed on March 21, 2024. The acquisition process, set to be finalized through a court-sanctioned scheme of arrangement, is expected to be completed by October 1, 2024. Additionally, Nationwide has appointed Muir Mathieson as Chief Financial Officer and executive director, while Chris Rhodes is preparing to take over as CEO of Virgin Money.

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