(qlmbusinessnews.com . Thurs 13th Mar, 2025) London, UK —
“Virgin Money Acquisition: Nationwide to Distribute £50 to Eligible Customers”
Nationwide, the UK’s largest building society, has announced that over 12 million of its customers will receive a £50 payment as a thank you following its £2.8bn acquisition of Virgin Money. The scheme, costing around £600m, is intended to reward members for their contribution to the company’s financial strength. Eligible customers—those who held a savings or current account, or a mortgage, at the end of last September, made at least one transaction or maintained a balance of £100 in the preceding year, and still have active accounts—will have the payment deposited directly into their accounts by the end of April, although some may receive a cheque.
However, about four million Nationwide customers will not qualify, and Virgin Money’s customers will not be eligible for the payout. This initiative is separate from Nationwide’s fairer share payments scheme, which periodically distributes a portion of its profits to members. Despite the gesture, there has been criticism over the fact that Nationwide members did not get a vote on the deal, unlike Virgin Money’s members, a decision taken solely by the board.
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