Nationwide banking customers have received a message from the company as it prepares to ‘consider’ making a big offer that could mean better deals and savings.
The building society says it is thinking about ‘making an offer to acquire Virgin Money’ in an email that has been sent out to customers.
At the moment there’s no guarantee that this would go ahead, but in a new update, the company has outlined what this could mean for Nationwide customers in the future.
Liverpool Echo reports that in the email to customers, Nationwide said: “If the acquisition proceeds, it will accelerate our strategy and create a stronger and more diverse business that is better placed to deliver financial value to our members, both now and in the future.
“Over time, we would aim to provide a wider range of products and services to our customers and members, including Virgin Money’s well-established business banking services.”
Nationwide said there is “no guarantee” of an offer being made nor accepted but that all customers will be kept informed throughout the process. The email concludes with: “We are strictly limited by regulation regarding any further comments, but we will continually update the page with any additional announcements that we issue in connection with the possible offer.
“In the meantime, we will continue to focus on delivering our Purpose. Banking – but fairer, more rewarding and for the good of society.”
A blog post on the Money Saving Expert website has urged Virgin Money customers to remember that they won’t face any changes for the time being, as the acquisition is still in the very early days.
The announcement comes not long after it was announced that Tesco Bank would become part of the Barclays Group in future. Meanwhile, rival Sainsbury’s Bank also recently shared plans to stop offering banking services in the future.
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