Nationwide Building Society’s £2.9billion takeover of Virgin Money has been approved by the country’s regulatory bodies.
In a statement, the banks announced the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have given their requisite consent to proposed cash acquisition which would see Nationwide’s branch portfolio exceed 600.
Earlier this year, the building society confirmed at it had agreed to acquire the entire issued and to be issued share capital of Virgin Money for a purchase price of approximately £2.9billion.
Despite today’s news, the acquisition will not require any immediate changes to Virgin Money’s business.
The PRA has confirmed that it plans to put into effect sub-consolidated prudential requirements to Virgin Money until December 31, 2028.
Both banks shared that they intend to “simplify and align capital structures” over the years as part of a wider integration process.
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Both banking institutions are set to become one
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