Nationwide’s £2.9 billion takeover of rival Virgin Money is expected to complete next month after the deal was given the green light by the UK’s financial regulators. The lenders said in statement to the stock market that the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) have both approved the takeover.
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00:00Hello, my name is Greg Wright, I'm the Deputy Business Editor of the Yorkshire Post and
00:06here are your business headlines for this morning.
00:11Nationwide's £2.9 billion takeover of its rival Virgin Money is expected to complete
00:17next month after the deal was given the green light by the UK's financial regulators.
00:25Nationwide and Virgin Money said in a statement to the stock market that the Financial Conduct
00:29Authority and the Bank of England's Prudential Regulation Authority have both approved the
00:35takeover.
00:37It comes after the Building Society agreed the takeover of its London-listed rival in
00:43March.
00:44The deal was cleared by the UK's competition watchdog, the Competition and Markets Authority,
00:50in July.
00:51My name is Greg Wright, I'm the Deputy Business Editor of the Yorkshire Post.