Nationwide bid would be windfall for Virgin Money CEO

Banking bosses at Virgin Money are in line for a £6m windfall if Nationwide Building Society pushes ahead with a proposed takeover of the lender, with more than half of that sum set to be pocketed by long-time chief executive David Duffy.

- Kalyeena Makortoff

Public shareholder data suggests that 13 executives, board members and senior staff are poised for big paydays from the potential £3bn deal, after accumulating stock through years of service at Virgin Money, which was co-founded by billionaire Sir Richard Branson in 1995.

Nationwide's takeover offer, which would mark the largest UK banking deal since the 2008 financial crisis, would be most lucrative for Duffy, who would gain £3.5m from the buyout of his nearly-1.6m shares.

If approved, the deal would create a combined group with £366bn in total assets, nearly 700 branches and more than 23 million customers.