Lenders reach preliminary agreement on key terms in deal to create new competitor with £366bn in assets
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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.
Continue reading…Lenders reach preliminary agreement on key terms in deal to create new competitor with £366bn in assetsBusiness live – latest updatesNationwide 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. Continue reading…