Published by Global Banking & Finance Review®
Posted on March 11, 2025
1 min readLast updated: January 24, 2026
Add as preferred source on GoogleNationwide Building Society announces a £774 million payout to members after acquiring Virgin Money, enhancing its competitive stance in UK banking.
LONDON (Reuters) - Nationwide Building Society said on Tuesday it would give more than 12 million of its members a one-off 50 pound ($64.52) handout as a "thank-you" for supporting its 2.9 billion pound takeover of Virgin Money last year.
The deal, which was announced just over a year ago and was cleared by competition watchdogs in July, created Britain's only mutually owned full-service banking provider and a savings and mortgage powerhouse capable of competing more strongly with Lloyds Banking Group and NatWest.
"The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible," Debbie Crosbie, Nationwide CEO said in a statement.
Nationwide is the UK's third largest mortgage provider and holds almost 1 pound in every 10 pounds saved in the UK.
($1 = 0.7750 pounds)
(Reporting by Sinead Cruise, Editing by Louise Heavens)
Nationwide Building Society is distributing a one-off £50 handout to more than 12 million of its members.
The deal created Britain's only mutually owned full-service banking provider, enhancing Nationwide's position in the market.
Debbie Crosbie is the CEO of Nationwide Building Society.
Nationwide is the UK's third largest mortgage provider and holds almost 10% of all savings in the UK.
The deal was announced just over a year ago and was cleared by competition watchdogs in July.
Explore more articles in the Finance category
