High street lender Virgin Money has agreed a £2.9bn proposed takeover by Nationwide Building Society in a move set to create the UK’s second largest mortgage and savings group.
Category
🗞
NewsTranscript
00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:08 The high street lender Virgin Money has agreed a £2.9 billion proposed takeover by Nationwide Building Society
00:16 in a move which is set to create the UK's second largest mortgage and savings group.
00:21 Nationwide has put forward a £220 a share approach for Virgin Money,
00:26 including a planned two pence per share dividend payout, which is said is a 38% increase on Virgin Money's closing share price on Wednesday.
00:36 The planned tie-up would create a combined lender worth around £366.3 billion,
00:43 with total lending and advances of about £283.5 billion.
00:49 Nationwide does not intend to make any material changes to the size of Virgin Money's 7,300 strong workforce in the near term.
00:59 So an update this morning, the high street lender Virgin Money has agreed a £2.9 billion proposed takeover by Nationwide Building Society.
01:09 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.