Published on: 7 March 2024

A message from our Chairman

I am writing to you as a valued member of Nationwide Building Society to inform you of an important development in Nationwide’s strategy.

Nationwide has grown to become the UK’s largest building society by successfully acquiring and integrating more than 250 other organisations during its 140-year history. We have now announced that we are considering making an offer to acquire Virgin Money.

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.

Importantly, Nationwide will remain a building society.

The combination of our businesses 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.  

A combined group would deliver the benefits of fairer banking and mutual ownership to more people in the UK. Nationwide remains wholly committed to being a modern mutual that can meet all its members’ banking needs.

Whilst this would mark another exciting chapter in our history, there is more work to be done and there is no guarantee that we will make a firm offer, nor that it would be accepted by Virgin Money’s shareholders.

I can assure you that we will let you know if and when a firm offer is made. In the meantime, you can see the formal regulatory announcement and answers to key questions you might have.  We are strictly limited by regulation regarding any further comments, but we will continually update this 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.

Yours sincerely,

Kevin Parry

Answers to key questions

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