Bulletin: Nationwide Receives Regulatory Green Light For Virgin Money Acquisition

LONDON (S&P Global Ratings) Sept. 6, 2024--S&P Global Ratings said today that it expects Nationwide Building Society (A+/Stable/A-1) to maintain a strong capital position upon completion of the acquisition of Virgin Money UK PLC (VMUK; BBB-/Watch Pos/A-3). The acquisition remains on track after Nationwide confirmed today that it has received regulatory approval for the transaction. Subject to court approval, Nationwide and VMUK expect the acquisition will complete on Oct. 1, 2024. Nationwide also announced today that VMUK's regulatory capital and eligible liabilities will be eligible to meet the combined group's consolidated capital and minimum requirement for own funds and eligible liabilities (MREL) requirements until Dec. 31, 2028. VMUK's outstanding issues are all callable before that date and we expect they

...September 6, 2024 LONDON (S&P Global Ratings) Sept. 6, 2024--S&P Global Ratings said today that it expects Nationwide Building Society (A+/Stable/A-1) to maintain a strong capital position upon completion of the acquisition of Virgin Money UK PLC (VMUK; ###-/Watch Pos/A-3). The acquisition remains on track after Nationwide confirmed today that it has received regulatory approval for the transaction. Subject to court approval, Nationwide and VMUK expect the acquisition will complete on Oct. 1, 2024. Nationwide also announced today that VMUK's regulatory capital and eligible liabilities will be eligible to meet the combined group's consolidated capital and minimum requirement for own funds and eligible liabilities (MREL) requirements until Dec. 31, 2028. VMUK's outstanding issues are all callable before that date and we expect they will be refinanced by Nationwide to simplify the group capital structure. We anticipate that Nationwide will maintain a single point of entry resolution strategy....

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