Nationwide to buy Virgin Money in £2.9bn deal
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6K5CY)
Lenders reach preliminary agreement on key terms in deal to create new competitor with 366bn in assets
Nationwide Building Society has agreed to buy Virgin Money in a deal that values its high street rival at nearly 3bn and would create the second-largest provider of mortgages and savings in the UK.
The two lenders have reached a preliminary agreement on the key terms of a deal, which would inject fresh competition into the banking sector, with a new lender boasting 366bn in total assets, nearly 700 branches, and more than 23 million customers.
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