Nationwide Building Society and Virgin Money UK (VMUK) have agreed the terms of a cash acquisition of VMUK by Nationwide. The deal remains subject to regulatory and VMUK shareholder approvals. We expect our ratings on holding company (VMUK) and operating company (Clydesdale Bank PLC) to benefit from group support once the acquisition completes. As a result, we have placed all our ratings, including our 'BBB-' long-term issuer credit rating on VMUK and our 'A-' rating on Clydesdale Bank, on CreditWatch with positive implications. We expect to resolve the CreditWatch positive placement upon close of the acquisition, which is expected by the end of 2024. On March 22, 2024, S&P Global Ratings placed its 'BBB-/A-3' long- and short-term issuer credit ratings
