Part VII Transfer
Summary by AI BETAClose X
CLYDESDALE BANK PLC
LEI: NHXOBHMY8K53VRC7MZ54
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 23 February 2026, the High Court of Justice approved the application 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 Nationwide Building Society ("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 Scheme will take effect on 2 April 2026 at 23.59.
The legal transfer is a major milestone in the integration of Nationwide and Virgin Money. It is the next step in creating a mutually owned, full-service organisation that works solely for the benefit of members and customers. We expect commencement of customer rebranding and systems migrations in 2026 and plan to materially complete migration activity in the subsequent 2-3 years as we continue our customer-first approach to integration.
A copy of the Scheme Document and other documents relating to the Scheme are available on CB's website at www.virginmoney.com/nationwide-transfer.
26 February 2026
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Nationwide Building Society Core Capital Deferred Shs (Min 250 CCDS) (NBS)CLYDESDALE BANK PLC (91XR)
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