Part VII Transfer
Summary by AI BETAClose X
CLYDESDALE BANK PLC
LEI: NHXOBHMY8K53VRC7MZ54
Application for transfer of banking business under Part VII of the Financial Services and Markets Act 2000
Clydesdale Bank PLC (trading as Virgin Money) ("CB") announces that on 3 November 2025, CB and Nationwide Building Society ("NBS") made an application (the "Application") to the High Court of Justice for an Order under section 111(1) of the Financial Services and Markets Act 2000 (as amended) sanctioning a banking business transfer scheme (the "Scheme") providing for the transfer to NBS of the Transferring Business (as defined in the document setting out the terms of the Scheme (the "Scheme Document")).
The Transferring Business consists of the entire business of CB (with the exception of a small number of products, contracts and arrangements, which constitute the Excluded Business (as defined in the Scheme Document)).
The proposed transfer will result in the Transferring Business, which is currently being carried on by CB, being carried on by NBS.
A copy of the Scheme Document, an explanatory statement setting out the terms of the Scheme and a formal notice of the transfer will be sent free of charge to any person who requests it using the contact details set out below. These documents are available to collect from 177 Bothwell Street, Glasgow, Scotland, G2 7ER until the date on which the Application is heard by the Court.
These and other documents relating to the Scheme are also available on CB's website at www.virginmoney.com/nationwide-transfer. This website will be updated with any key changes in respect of the Scheme.
All questions or concerns and any requests for information relating to the Scheme should be referred to CB by email to: treasury-virginmoney-transfer@nationwide.co.uk (for Treasury counterparties) or nationwide-transfer@virginmoney.com (for customers and other interested parties). In relation to the Scheme, CB can also be contacted by telephone on 0800 066 5008* (or 00 44 141 880 2050** from outside of the UK) from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays, or by post at:
Nationwide Transfer
The team at Virgin Money
Sunderland
SR43 4JB
The Application is due to be heard before the Court on 23 February 2026. If approved by the Court, it is currently proposed that the Scheme will take effect on 2 April 2026.
Any person that wishes to object to the Scheme may contact CB (who will share a copy of their objection with the Court), attend the Court hearing in person, or appoint a representative to attend the Court hearing on their behalf.
It would be helpful if anyone planning to object could let CB know before 9 February 2026. Any changes to the date of the hearing and any details required to attend the hearing will then be communicated to any such person by CB. CB will also try to address any of the concerns raised before the hearing. CB will reply to all objections and will submit copies of any objections it receives to the Court, as well as to the Prudential Regulation Authority and the Financial Conduct Authority.
14 November 2025
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Companies
Nationwide Building Society Core Capital Deferred Shs (Min 250 CCDS) (NBS)CLYDESDALE BANK PLC (91XR)
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