Nationwide has issued an “important” update to all banking customers as it prepares to make an offer.
Members of the world’s largest building society have been sent emails, as Nationwide said it is “considering making an offer to acquire Virgin Money.”
The email continues: “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.
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It adds that Nationwide will remain a building society in any case. A merger, Nationwide bosses say, would “put us in a stronger position to continue to provide Fairer Share Payments to our eligible Nationwide members, better value mortgages and savings, and leading customer service.
“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.”
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