A bank with 25 million clients and assets worth £366 billion is being formed in the UK
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Today, UK mortgage bank Nationwide Building Society and Virgin Money UK reported about the intention to merge as part of a deal worth £2.9 billion ($3.7 billion). As a result of the merger, the second largest bank will be formed, working with mortgage loans and deposits of citizens. Nationwide has offered Virgin Money shareholders to sell their shares for available cash and at a premium of 38% to yesterday’s closing price.
Virgin Money UK is the country’s sixth largest bank. Nationwide Building Society is one of the leaders in the mortgage market and development finance industry. According to experts interviewed Bloomberg, the deal will significantly change the balance of power in the British banking market. The combined company will own and manage assets worth £366 billion and service debt obligations worth £284 billion. The number of clients of the merged bank will reach 25 million, and branches – about 700, which will be second only to the leader of the British banking market – Lloyds Banking Group.
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