Banker retiring

Virgin Money CEO Duffy to retire after Nationwide deal

David Duffy
David Duffy will retire when the deal completes

Virgin Money CEO David Duffy will retire when the bank is taken over by Nationwide Building Society in a £2.9bn deal announced earlier this month.

Nationwide confirmed that its chief financial officer, Chris Rhodes, will become the CEO of Virgin Money. Muir Mathieson, Nationwide’s Deputy CFO and Treasurer, will become CFO of Nationwide.

Both appointments are subject to regulatory approval and will report directly into Nationwide CEO Debbie Crosbie.

Under the terms of the deal, formally agreed today, each Virgin Money shareholder will receive 220p in cash, comprising 218p per Virgin Money share and a proposed dividend of 2p per share.

The total value represents a 38% premium to Virgin Money’s closing price on 6 March, the last business day before the announcement.

“The boards of Nationwide and Virgin Money believe that the acquisition will combine two complementary businesses, creating the second largest provider of mortgages and savings in the UK,” the companies said in a statement.

Nationwide is the UK’s third largest mortgage provider and holds almost £1 in every £10 saved in the UK, as well as one in 10 of the UK’s current accounts.

Ms Crosbie added: “This acquisition strengthens Nationwide and means we can offer more value and broader services for our current and future members. More people will experience the benefits of mutual ownership and the customer-focused approach of a building society.”

Nationwide also said it would extend its promise to retain all branches in its network until at least the start of 2028, including all Virgin Money branches not already earmarked for closure.

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