Nationwide Building Society to Buy UK Billionaire Richard Branson Virgin Money at $3.7 Billion Valuation Representing 38% Premium to Share Price on 6th March 2024, Richard Branson Owns 14.5% of Virgin Money with Shares Valued at $532 Million Upon Deal Completion
9th March 2024 | Hong Kong
The (UK) Nationwide Building Society has made an offer to buy UK billionaire Richard Branson Virgin Money at $3.7 billion (GBP 2.9 billion) valuation, representing a 38% premium to share price on 6th March 2024. Richard Branson owns 14.5% of Virgin Money with his shares valued at $532 million upon deal completion. Earlier in February 2024, Virgin Money announced to buyout abrdn 50% stake and take full ownership of joint venture Virgin Money Investments with $4.6 billion AUM (£3.7 billion) & 150,000 clients for $25 million (£20 million). Virgin Money Investments provides digital platform & investment products including pension services.
“ Nationwide Building Society to Buy UK Billionaire Richard Branson Virgin Money at $3.7 Billion Valuation Representing 38% Premium to Share Price on 6th March 2024, Richard Branson Owns 14.5% of Virgin Money with Shares Valued at $532 Million Upon Deal Completion “
Nationwide Building Society to Buy UK Billionaire Richard Branson Virgin Money at $3.7 Billion Valuation Representing 38% Premium to Share Price on 6th March 2024, Richard Branson Owns 14.5% of Virgin Money with Shares Valued at $532 Million Upon Deal Completion
Virgin Money
Virgin Money is a Tier 1 bank with c.6.6 million retail and business customers across the UK, bringing the best of the Virgin brand to make banking better and enable customers to achieve their financial goals. Led by its purpose of ‘making you happier about money’, Virgin Money offers a range of straightforward, award-winning products including current accounts, credit cards, savings, investments, mortgages, pensions, loans and more. Rewarding, digital-first customer experiences are central to its ambition of becoming the UK’s best digital bank, supported by a network of stores, contact centres and relationship managers. Through the Virgin Money Foundation and key partnerships, the bank also delivers positive change in society as part of its progressive sustainability and ESG agenda. An inclusive and ambitious culture for approximately 7,300 full time equivalent colleagues is fostered through ‘A Life More Virgin’ policy, encouraging colleagues to work in a healthy, flexible, digitally-led environment. Headquartered in Glasgow with major offices in Newcastle upon Tyne and London, Virgin Money is a FTSE 250 company, dual-listed on the London Stock Exchange (VMUK) and the Australian Securities Exchange (VUK).
Nationwide
Nationwide is the world’s largest building society, with over 17 million customers, 16 million of whom have a current account, mortgage or savings product, and are therefore members of the Society. Nationwide is owned by its members and focuses on providing banking products and services to its customers. Nationwide has over 18,000 employees, including those based in its headquarters in Swindon, and those working in its network of over 600 branches across the UK. The combination of its mutual ownership model and scale puts Nationwide in a unique position within the UK financial services ecosystem.
UK Billionaire Richard Branson Virgin Money Buyout abrdn 50% Stake & Take Full Ownership of Joint Venture Virgin Money Investments with $4.6 Billion AUM & 150,000 Clients for $25 Million, Virgin Money Investments Provides Digital Platform & Investment Products Including Pension Services
15th February 2024 – UK billionaire Richard Branson (Virgin Group) Virgin Money has announced to buyout abrdn 50% stake and take full ownership of joint venture Virgin Money Investments with $4.6 billion AUM (£3.7 billion) & 150,000 clients for $25 million (£20 million). Virgin Money Investments provides digital platform & investment products including pension services. Virgin Money: “ The joint venture between Virgin Money and abrdn was established in 2019, combining their specialisms to develop a new proposition for retail investors. That service, comprising both a new digital platform and a range of investment products, launched to customers in April 2023. A new pension was launched on the platform in November 2023, and all existing investment and pension accounts held on the old platform were successfully migrated to the new platform in January 2024. Following the achievement of these significant milestones, Virgin Money will now take full ownership of Virgin Money Investments, representing a step forward in Virgin Money’s strategy to pursue profitable growth. The purchase will enable Virgin Money and abrdn to focus on their respective strengths; Virgin Money’s broad appeal and distribution, using brilliant digital propositions and compelling rewards for customers, and abrdn’s strength in asset management. Following the transaction, abrdn will continue to provide the investment advice for Virgin Money Investments. Virgin Money Investments had total assets under management of c.£3.7bn and over 150k customer accounts at 31 December 2023. Virgin Money’s ambition is to double assets under management for Virgin Money Investments within the next five years.”
Richard Branson Virgin Money Buyout abrdn 50% Stake & Take Full Ownership of Joint Venture Virgin Money Investments with $4.6 Billion AUM & 150,000 Clients for $25 Million, Virgin Money Investments Provides Digital Platform & Investment Products Including Pension Services
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