The deal, approved by Virgin Money shareholders and a specialist court, will see the Virgin Money brand disappear from high streets within six years.

Sir Richard Branson, who founded Virgin Money in 1995, is set to gain over £400 million from the sale.

Nationwide CEO Debbie Crosbie said: “Nationwide is now a stronger mutual and able to deliver even greater value through our unique branch promise, leading customer satisfaction and competitive savings and lending rates.

“All Virgin Money profits will be retained for the benefit of customers and, for the first time in the UK, a full service business bank will be part of a large and modern mutual.”

Additionally, Nationwide has appointed Anand Aithal as a member of the Audit Committee and Board Risk Committee with immediate effect.

Bringing over three decades of experience in financial, business, and government services to the Nationwide board, Mr Aithal is currently an independent non-executive director on the board of directors at Saga plc and Polar Capital Holdings plc. He was formerly managing director at Goldman Sachs before starting his own data analytical services firm.

He is also a Trustee of the Institute for Government and a non-executive advisor to the Association of Certified Chartered Accountants.

Previously Mr Aithal was the lead non-executive board member for the Cabinet Office until August 2024. Prior to his non-executive career, he was a managing director at Goldman Sachs before starting his own data analytical services firm.

Mr Aithal said: “I am delighted to be joining Nationwide, the UK’s largest building society, particularly at this exciting time following the completion of the Virgin Money acquisition.

“I look forward to working with colleagues as Nationwide continues its ongoing strong financial position and deliver further value to customers and members through its products and services.”

Kevin Parry OBE, Nationwide chairman, said: “It is a pleasure to welcome Anand Aithal to Nationwide. His experience across financial, business and professional services makes Anand a welcome addition to the Nationwide board.”