Nationwide baggage £2bn on Virgin Money deal

Boost: Nationwide boss Debbie Crosbie

Nationwide will this week bank a gain of around £2 billion on its bargain £2.9 billion takeover of Virgin Money – in a boost that is likely to trigger a windfall for customers.

Britain’s biggest building society, run by chief executive Debbie Crosbie, is expected to disclose the figure in its half-year results on Wednesday.

The extra financial firepower will also result in turbo-charged investment in the combined business. 

The mutual has begun a hiring spree, taking on around 500 new staff in customer service and tech operations, as well as investing in IT, The Mail on Sunday understands.

Millions of members are also in line for more ‘fairer share’ perks.

The building society has previously given £100 to eligible members as a way of sharing its profits with customers since it doesn’t pay dividends to shareholders.

Last year it paid out £385 million to 3.85 million members, up from £344 million the year before. Next year’s payment is now expected to be the largest ever.