CMA clears Nationwide’s £2.9bn Virgin Money takeover
![CMA clears Nationwide's £2.9bn Virgin Money takeover](https://www.scottishfinancialnews.com/uploads/Virgin%20Money%20Store%20Exterior.jpeg)
The Competition and Markets Authority (CMA) has approved Nationwide Building Society’s £2.9 billion acquisition of Virgin Money UK.
The CMA concluded that the deal does not raise competition concerns in the owner-occupied mortgage, buy-to-let mortgage, and credit card markets.
Nationwide CEO Debbie Crosbie said: “This is another important step on the path to completing the acquisition of Virgin Money, with all the benefits for members and customers that this will bring.
“We remain on course to receive all the necessary approvals to complete the deal in the final three months of this year.”
The merger, announced in March, would create the UK’s second-largest mortgage lender and savings provider, with combined assets of around £366.3bn.