Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

CMA Launches Probe into Nationwide’s £2.9bn Takeover of Virgin Money

by May 31, 2024
May 31, 2024
CMA Launches Probe into Nationwide’s £2.9bn Takeover of Virgin Money

Britain’s competition watchdog has commenced an investigation into Nationwide’s £2.9 billion acquisition of Virgin Money, examining potential anti-trust concerns.

The Competition and Markets Authority (CMA) confirmed the probe on Friday, setting a July 26 deadline for its initial decision.

The CMA’s investigation will assess whether the merger could reduce competition within the banking sector. The regulator’s options include clearing the deal after a preliminary two-month review or extending the inquiry for a more detailed examination. Interested parties are invited to submit their views on the acquisition by June 14.

Nationwide agreed to acquire Virgin Money earlier this year in an all-cash deal, marking the largest takeover in the UK banking sector since the financial crisis. Virgin Money shareholders, including Sir Richard Branson’s Virgin Group, recently approved the acquisition in a shareholder vote. However, some Nationwide members have expressed dissatisfaction over being excluded from the decision-making process. Nationwide’s CEO, Debbie Crosbie, maintains that the majority of members are supportive of the deal.

As part of the CMA’s review, feedback will be sought from high-street competitors such as Barclays, Lloyds, NatWest, HSBC, and Santander. Nationwide’s building society competitors, including Skipton and Coventry, are also expected to provide input.

The CMA can investigate any merger where the target company generates annual revenues exceeding £75 million. Virgin Money, with revenues of £1.8 billion last year, surpasses this threshold.

Under the leadership of Chief Executive Sarah Cardell, the CMA has infrequently reviewed banking mergers due to their rarity. The last such review occurred in 2019, when OneSavings Bank’s acquisition of Charter Court Financial Services was scrutinised, primarily focusing on the buy-to-let mortgage market. The deal was cleared following an initial investigation.

Clearance by the CMA is a stipulated condition for the completion of the merger, as outlined in the recent merger documents from Nationwide and Virgin Money.

This investigation by the CMA will be closely watched by industry stakeholders, as it will determine whether the merger proceeds and what implications it may have for competition within the UK banking sector.

Read more:
CMA Launches Probe into Nationwide’s £2.9bn Takeover of Virgin Money

0
FacebookTwitterGoogle +Pinterest
previous post
Lady Bamford’s Daylesford Organic Faces Mounting Losses Amid Economic Challenges
next post
Beyond the Product: Mockups for Effective Online Marketing Campaigns

You may also like

A public inquiry has begun into London Luton...

September 27, 2022

SMEs support expansion of work visas to tackle...

July 4, 2023

Maersk pauses shipping operations in Red Sea indefinitely...

January 3, 2024

Ted Baker Faces Administration, Putting Hundreds of Jobs...

March 19, 2024

The Impact Of Personal Injuries On Small Businesses:...

December 4, 2023

Moving in a Hurry: How to Make It...

July 4, 2023

Automating Asset Handovers: From Designer PDFs to Office...

May 8, 2025

Car showrooms could be consigned to history as...

September 26, 2022

Dive Into Dynavap: The Future of Portable Vaporizers

May 24, 2024

BGC survey forecasts £2.7 billion wagered each year...

May 1, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Expert confident Iran’s nuclear program is ‘no longer’ after massive US strike

      June 22, 2025
    • Fetterman backs Trump after Iran strikes: ‘The correct move’

      June 22, 2025
    • Watch: Bernie Sanders reacts to Trump’s Iran strikes in real time at ‘Fighting Oligarchy’ rally

      June 22, 2025
    • At UN Security Council, Israel’s ambassador slams Iranian hypocrisy

      June 22, 2025
    • Trump launches precision strikes against Iran. Triumph or trap?

      June 22, 2025
    • Trump earns bipartisan praise for decisive action against Iran’s nuclear program

      June 22, 2025

    Categories

    • Business (8,277)
    • Investing (2,059)
    • Politics (15,739)
    • Stocks (3,159)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved