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Nationwide profits slip by 200m as Virgin investors back takeover
Evening Standard
|May 23, 2024
NATIONWIDE profits slipped by £200 million to £2 billion for the year to April it said today, one day after Virgin Money shareholders backed the £2.9 billion takeover by the society.
That deal, an unusual takeover of a listed bank by a building society, has earned fierce resistance from some of its 16 million members, who have not been given a vote on the deal.
CEO Debbie Crosbie says members are more interested in the benefits they get from Nationwide than voting on the Virgin deal. "There is no requirement for a vote and the vast majority of our members are happy with that," she added.
The House of Lords has backed the society despite lobbying by campaigning members. To win them over, the society today launched a Member
Exclusive Bond paying interest of 5.5% and other benefits. These include a £100 payment to members with a current account or mortgage and at least £100 in savings.
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