UK clears Nationwide Building's $3.75 bln Virgin Money deal (updated)

Virgin Money UK

19/07/2024 07:15

(Adds details in paragraphs 2-3)
       July 19 (Reuters) - Britain's competition regulator said
on Friday it has cleared Nationwide Building Society's  NBS.L 
proposed 2.9-billion-pound ($3.75 billion) all-cash deal to buy
Virgin Money UK  VMUK.L .
    The deal, which was announced in March and is expected to
close in the fourth quarter, could create the country's
second-largest savings and mortgage provider, after Lloyds
Banking Group  LLOY.L , the owner of Halifax.
        The Competition and Markets Authority said it has found
that the proposed deal does not give rise to a realistic
prospect of a substantial lessening of competition.

     ($1 = 0.7732 pounds)
    

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))