Nationwide pressured to defend £50 takeover reward

Nationwide has been forced to defend a surprise £50 bonus to its 12m members after a leading campaigner said the cash could be better spent elsewhere.

Britain’s biggest building society, led by Debbie Crosbie, is making the £600m payout following its takeover of Virgin Money – the biggest in banking since the financial crisis of 2008.

Nationwide has claimed the deal makes it ‘a stronger mutual’. However, it has proven controversial after its members had no say on the £2.9billion deal – despite owning the firm.

Cash in hand: Britain’s biggest building society, led by Debbie Crosbie (pictured), is making the £600m payout following its takeover of Virgin Money

James Sherwin-Smith, who led the push for a vote, said: ‘Nationwide has a habit of doing something first and then asking or ignoring members.’