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LONDON - Nationwide Building Society (LON:NBS) announced today that it will restructure the board of directors of Virgin Money (LON:VM) to align with its own, deviating from its previous statements made during the acquisition process. This move comes after its purchase of the entire issued and to be issued share capital of Virgin Money, completed on 1 October 2024, through a scheme of arrangement.
The original post-offer intention statements, as outlined in the offer documentation dated 21 March 2024 and the scheme document, had indicated that Virgin Money would maintain a separate board of directors in the medium term. However, Nationwide has revised this plan and now intends to integrate the two boards to streamline governance and decision-making processes.
The change is expected to be implemented by 30 September 2025, pending regulatory approval. Nationwide’s decision represents a strategic shift from the approach detailed in the acquisition documents, reflecting the company’s evolving perspective on managing its new subsidiary.
The restructuring is part of Nationwide’s broader efforts to consolidate its operations following the acquisition of Virgin Money, which was one of the significant banking mergers in recent years. The integration of the boards is anticipated to enhance coordination between the two entities and support Nationwide’s overall business objectives.
This announcement is made in compliance with Rule 19.6(b) of the City Code on Takeovers and Mergers, which requires public updates on any deviations from stated post-offer intentions. The information is based on a press release statement from Nationwide Building Society.
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