New switch offer and a 5% bond offer
Nationwide plans to effectively mutualise the books of Clydesdale Bank in 2026/27.
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Seems to be saying that what’s now Virgin consumer banking will become part of Nationwide in 2026/27 if my reading of that is correct.
I wonder if that’s as long as Nationwide are willing to pay the licensing fee for the Virgin brand for?
Then I wonder who Virgin will licence its brand to next?
Same, be interesting to see whether business banking is held off still.
A license that lasts for 6 years (4 years + 2 years of exit period) was agreed as part of the takeover, so they have until 1st October 2030. Of course it’s problematic maintaining a moribund brand so it’s understandable they’ll seek to move quicker.
Whoever might be interested in taking it I imagine. I can’t image a queue of suitors, it doesn’t have a fabulous pedigree in this sector.
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