The acquisition enables greater investment in customer services
Virgin Money has announced that it’s been acquired by Nationwide, in a move that it says will create Britain’s second-largest provider of mortgages.
The lender is a Tier 1 bank with 6.6m retail and business customers across the UK. It offers a range of straightforward, award-winning products including current accounts, credit cards, savings, investments, mortgages, pensions, loans and more.
Confirming the completion of the acquisition, chief executive of Virgin Money, Chris Rhodes commented: “This is the start of an exciting new chapter for Virgin Money as it becomes part of Nationwide, creating the UK’s second-largest provider of mortgages and savings accounts.
“The combination will be a mutual with a wider range of products and able to invest more in customer service. We’re excited about our future as two purpose-driven businesses with a shared goal of supporting our customers, colleagues and communities."
Headquartered in Glasgow, with major offices in Newcastle upon Tyne and London, Virgin Money is a FTSE 250 company, dual-listed on the London Stock Exchange (VMUK) and the Australian Securities Exchange (VUK).
It says rewarding, digital-first customer experiences are central to its ambition of becoming the UK’s best digital bank, supported by a network of stores, contact centres and relationship managers. Since 2019, Clydesdale Bank and Yorkshire Bank have been rebranded as Virgin Money.
Within the last few days it has announced, that it’s expanding its insurance offerings by launching new home and landlord insurance products in collaboration with insurtech firm Uinsure.
