Nationwide agrees £2.9bn deal to take over Virgin Money
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6KGSP)
Richard Branson has already indicated he will back takeover that will require the agreement of the group's shareholders
Nationwide Building Society is lined up to take over its smaller rival Virgin Money after the pair formally agreed a deal worth 2.9bn.
The deal, which will solidify Nationwide's position as the UK's second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy, and is likely to lead to job cuts as well as an official review" of the combined group's workforce.
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