Virgin Money shareholders vote for Nationwide takeover by big majority

The deal won approval of 89% of voting shareholders, lining up Richard Branson for a 724m windfall from sale

Virgin Money shareholders have voted in favour of a 2.9bn takeover by rival lender Nationwide Building Society, helping clear the path for the biggest UK banking deal since the financial crisis.

Just over 89% of voting shareholders said yes to the deal at a general meeting on Wednesday, while nearly 11% rejected the move. The resolution required at least 75% backing to pass.