Part VII Transfer & Board changes
Summary by AI BETAClose X
Nationwide Building Society (Nationwide), Virgin Money UK PLC (Virgin Money) and Clydesdale Bank PLC (CB)
Transfer of banking business under Part VII of the Financial Services and Markets Act 2000 and Board changes
Nationwide announces the completion of a banking business transfer scheme (the "Scheme") under Part VII of the Financial Services and Markets Act 2000. This provided for the transfer of the Transferring Business of CB (as defined in the document setting out the terms of the Scheme (the "Scheme Document")) to Nationwide. The Transferring Business consists of the entire business of CB (except for a small number of products, contracts and arrangements, which constitute the Excluded Business (as defined in the Scheme Document)).
The Scheme took effect on 2 April 2026 at 23:59.
A copy of the Scheme Document and other documents relating to the Scheme are available on CB's website at virginmoney.com/nationwide-transfer.
Nationwide further announces that, after first joining the Nationwide Board in April 2009, Chris Rhodes, Virgin Money CEO, will retire from the Boards of Nationwide, Virgin Money and CB (the Board) as an Executive Director on 21 May 2026, before retiring from the Nationwide business entirely in September 2026.
Dame Debbie Crosbie DBE, Group CEO, said: "I would like to thank Chris for his exceptional service to UK financial services. Chris's impact across Nationwide and Virgin Money has been immense. He has been with Nationwide since 2009, and he steadied and strengthened the Virgin Money business as its CEO over the past 18 months. As a result, we are very well positioned for the future."
Additionally, Alan Keir will retire as Non-Executive Director and Chair of the Board Risk Committee on 16 July 2026 following Nationwide's Annual General Meeting (AGM) on 15 July 2026. Phil Rivett, Non-Executive Director and current Chair of the Audit Committee, will succeed Alan as Board Risk Committee Chair, subject to regulatory approval. As previously announced, Guy Bainbridge will become Chair of the Audit Committee following the AGM, subject to regulatory approval.
Kevin Parry OBE, Chairman, said: "I would like to express my thanks to Alan for his outstanding service and leadership as Chair of the Board Risk Committee, and for the considerable expertise he has brought to the Board through a period of significant organisational change. I am pleased to welcome Phil as the next Chair of the Board Risk Committee, who will provide continuity as governance responsibilities evolve."
For further information, please contact:
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Investors and Analysts |
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Vikas Sidhu |
nationwide.treasury@nationwide.co.uk |
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Society Secretary |
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Jason Wright |
jason.wright2@nationwide.co.uk |
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Media Relations |
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Sara Batchelor |
press.office@nationwide.co.uk |
About Nationwide
Nationwide is the world's largest building society. Following its acquisition of Virgin Money, Nationwide is connected with one in three people in the UK and is the second largest provider of mortgages and retail deposits. It is also a major provider of current accounts, credit cards, personal loans and business banking. Customers can choose to manage their finances in a branch, via mobile app, the internet, telephone, and post. Nationwide has around 25,000 employees and its head office is in Swindon, UK.
As a financial services provider owned by its members, not shareholders, Nationwide's purpose is: Banking - but fairer, more rewarding, and for the good of society. For more information see nationwide.co.uk/about-us
7 April 2026
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