Nationwide issues update to customers over 'integrating services'
Virgin Money has issued an important update to customers over the Nationwide takeover. The UK's biggest building societty has completed its takeover of Virgin Money and is contacting customers by email to let them know what the merger will mean for them.
Nationwide has completed its £2.9billion takeover of Virgin Money this week. Under the plans the two companies will run as separate entities and the Virgin Money brand will be retained for six years before being rebranded as Nationwide.
In the email to customers Nationwide chairman Kevin Parry said that the building society is now “stronger and able to deliver even greater value” for its members. He said: “As we integrate Nationwide and Virgin Money carefully over time, the impact we have in communities across the UK, and the benefits we offer to members and customers, will only increase.
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“One in three people in the UK now have a connection to Nationwide - this deal means we can do even more to make their banking fairer, more rewarding, and for the good of society”. In a statement on its website Virgin Money said that for now it is “very much business as usual”.
CEO Chris Rhodes said: "The combination of both businesses will result in a mutually owned, full-service organisation with enhanced investment in customer service and a wider range of products. Together, we will be the UK’s second largest provider of mortgages and savings accounts.
"We’re excited about our future as two purpose-driven businesses with a shared goal of supporting our customers, colleagues and communities. Virgin Money Stores are now included in Nationwide’s Branch Promise. This means that everywhere there is a Virgin Money Store, we promise to still be there until at least the start of 2028.
"For now, it's very much business as usual – there's no impact to Virgin Money (or Clydesdale and Yorkshire Bank) products and services. Customers who have savings with both Virgin Money and Nationwide will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Virgin Money and Nationwide accounts.
"Just so you know, fraudsters often take advantage of times of change to try and persuade people to share personal or financial information. We’ll never ask you for security details, whether over the phone, by email or via any other channel, so if someone does – please don’t share this information with them.
"We’ll continue to keep our website up to date with the latest news and our teams are as committed as ever to delivering great service to you."