The UK’s Competition and Markets Authority (CMA) has announced it is considering investigating Nationwide’s merger with Virgin Money.
In March Nationwide confirmed its offer to acquire Virgin Money UK, agreeing to the terms of a cash offer of £2.9 billion with Virgin Money’s Board. The deal was expected to close in the fourth quarter of the year, creating the UK’s second largest savings and mortgage provider after Lloyds.
The CMA is looking at whether this merger will create a “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”
The regulatory body is calling for comments on the transaction from interested parties, and will announce its decision of whether it will continue its investigation into the deal on the 26th July 2024.
Nationwide has recently had its advertisment promoting its branch promise removed because it incorrectly suggested the building society was not closing branches.
