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Post by overthehill on Mar 8, 2024 10:09:29 GMT
Still makes me laugh when large companies see takeovers and mergers as good for the consumer and 250 less companies is somehow not anti-competitive in the slightest. Exactly the same reason we ended up with a Microsoft monopoly - buy, isolate or destroy any potential competitor.
The Nationwide hasn't delivered financial value in a very long time, certainly not savings interest or mortgage rates. No shareholders to pay but very generous pensions no doubt. Who are they kidding ?
"
Nationwide has grown to become the UK’s largest building society by successfully acquiring and integrating more than 250 other organisations during its 140-year history. We have now announced that we are considering making an offer to acquire Virgin Money.
If the acquisition proceeds, it will accelerate our strategy and create a stronger and more diverse business that is better placed to deliver financial value to our members, both now and in the future. "
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adrianc
Member of DD Central
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Post by adrianc on Mar 8, 2024 10:22:06 GMT
The Nationwide hasn't delivered financial value in a very long time, certainly not savings interest or mortgage rates. I opened a FlexPlus bank account a couple of years ago, for one reason and one reason only... £13/mo gets both of us full personal cover AA breakdown, across Europe, no vehicle age, including our 20yo+ camper van. Full global travel insurance. Full global mobile phone insurance. Bargain! I couldn't find similar breakdown cover at all, let alone for that price, and the meerkats suggest the travel insurance alone would cost more than the account fee. Virgin Money is what was Clydesdale Bank, which includes Yorkshire Bank, Northern Rock.
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benaj
Member of DD Central
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Post by benaj on Mar 8, 2024 10:29:19 GMT
Well, no idea how Nationwide got the funding to acquire Virgin Money. Surely, they got too much money for "rebranding", "rewarding" customers although I missed out the last reward hand out by not depositing £1 more.
I first joined VM from Northern Rock. Let's be honest, Virgin Money is not fit to deliver day-to-day banking service, I did like their banking lounge for meeting people and coffees. I can't remember the last time I earned switching offer to VM.
Let's hope they have pocket money left for future switching over or other rewards.
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mogish
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Post by mogish on Mar 8, 2024 10:42:03 GMT
Well, no idea how Nationwide got the funding to acquire Virgin Money. Surely, they got too much money for "rebranding", "rewarding" customers although I missed out the last reward hand out by not depositing £1 more.
I first joined VM from Northern Rock. Let's be honest, Virgin Money is not fit to deliver day-to-day banking service, I did like their banking lounge for meeting people and coffees. I can't remember the last time I earned switching offer to VM.
Let's hope they have pocket money left for future switching over or other rewards.
I agree. VM offer a very poor service. My folks were with them. Shocking service. My fixed isa expires soon and will be leaving them.
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eeyore
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Post by eeyore on Mar 8, 2024 10:51:06 GMT
Still makes me laugh when large companies see takeovers and mergers as good for the consumer and 250 less companies is somehow not anti-competitive in the slightest. Exactly the same reason we ended up with a Microsoft monopoly - buy, isolate or destroy any potential competitor.
The Nationwide hasn't delivered financial value in a very long time, certainly not savings interest or mortgage rates. No shareholders to pay but very generous pensions no doubt. Who are they kidding ?
"Nationwide has grown to become the UK’s largest building society by successfully acquiring and integrating more than 250 other organisations during its 140-year history. We have now announced that we are considering making an offer to acquire Virgin Money.
If the acquisition proceeds, it will accelerate our strategy and create a stronger and more diverse business that is better placed to deliver financial value to our members, both now and in the future. "
Once Halifax BS demutualised, Nationwide became "the building society of last resort" - as the largest, the government forced them to "acquire" any building society that was getting into difficulties - there's been a few of them in the last decade or so eg Cheshire BS. Of course, it's not only the Nationwide which has had to assume this responsibility - I can recall Yorkshire BS being obliged to rescue Chelsea BS and the members didn't like it... At least this time Nationwide appears to have a choice* and will have offered only a meagre price since Clydesdale seem to have made little or no progress on integrating the entity which was previously Northern Rock (rebranded as Virgin Money) and maybe the management of Clydesdale have recognised that the cost of full integration is poor value and are happy to sell-up. * Who knows what goes on inside the walls of the Bank of England? Maybe the banking regulators formed the impression that Virgin Money/Clydesdale was on a path to failure and decided to encourage another financial institution to take over.
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adrianc
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Post by adrianc on Mar 8, 2024 11:04:43 GMT
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mogish
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Post by mogish on Mar 8, 2024 13:41:40 GMT
Maybe they could snap up abrdn next to get their share price up again .
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