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Virgin Money sale nets Branson £420m payday
Daily Express
|March 08, 2024
SIR Richard Branson is in line for £420million-plus windfall after Nationwide clinched a £2.9billion deal to buy challenger bank Virgin Money.
Nationwide, the UK's largest mutual financial services group, said acquiring Britain's sixth biggest retail bank would create a bigger, stronger rival to the major high street competitors.
It added the deal would also give it the financial resources to offer more competitive mortgage and savings rates.
The takeover marks the second big pay-off for entrepreneur Sir Richard, 73, whose Virgin Group owns 14% of the London Stock Exchange-listed bank.
This story is from the March 08, 2024 edition of Daily Express.
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