Give Nationwide Members a Say on the purchase of Virgin Money.
Welcome to the website for the campaign calling for a member vote on the proposed acquisition of Virgin Money by Nationwide building society.
If you are a Nationwide customer, you are a member, and you can vote in advance of the AGM on Wed 17th July. We urge all members to vote AGAINST all resolutions and the re-election of the board in protest.
5,000 people have now signed the petition – please join us!
The Nationwide board is rushing through a deal for £2.9 billion to buy Virgin Money – a poorly-rated bank, part-owned by Richard Branson who could pocket £650M+ – denying Nationwide customers to vote on the deal (who are the members and owners of the building society after all). The Nationwide board is choosing to circumvent what’s expected under law using a “sneaky” technicality, and acting against the democratic ethos of a mutual society.
The proposed deal is a “reverse Robin Hood” as it would effectively take from the poor (Nationwide members in the UK) to give to the rich (Virgin Money shareholders – most of whom are Australian).
Nationwide customers may be worse off financially, and Nationwide would be less protected in a downturn, if this deal goes ahead. Customers are already paying higher rates to borrow, and getting a lower return on the their savings. Nationwide could use reserves earmarked for this acquisition to directly benefit its customers instead during a cost of living crisis, or hold it in reserve as loss-absorbing capital.
If someone was asking you to rush through a transaction, that sounded too good to be true, and without any mention of the costs or the risks – wouldn’t you be suspicious?
Sign the petition today and join the campaign to Give Nationwide Members a Say on the Purchase of Virgin Money.
6 ways you can support the campaign that take just 5 minutes
Please consider taking action to emphasise and amplify our concerns regarding the proposed takeover of Virgin Money by the Nationwide. We have provided templates for to use/adapt – so it only take a few minutes of your time.
MOVE
YOUR
MONEY
ELSEWHERE
COMPLAIN TO
NATIONWIDE
& THE
OMBUDSMAN
RAISE A
CONCERN
WITH THE
FCA
WRITE
TO
YOUR
MP
SIGN THE
PETITION
ON
CHANGE.ORG
JOIN
THE
FACEBOOK
GROUP
What’s the latest news on the campaign?
Read more about what’s next for the campaign.
Or read our most recent press releases, press coverage of the campaign, and other news about the proposed deal.
FAQs, Articles and more info
Find all the content from the campaign.
Frequently Asked Questions (FAQs)
The six questions and answers to correct common misunderstandings.
About the campaign
Learn how the campaign started, and what’s happened since.
Why the law suggests a vote *IS* needed
Read more about Section 92A of the Building Societies Act (1986)
Financially Stronger? No. WEAKER.
Why Nationwide will be financially weaker if the proposed takeover goes ahead
Press Coverage
We’re keeping a record of all press regarding the campaign, and key news items regarding the takeover. If you spot an article we don’t have listed – please contact us.
5,000+
PETITION
SIGNATORIES
500+
SGM
REQUESTS
250+
FACEBOOK
SUPPORTERS
1
CO-ORDINATED
CAMPAIGN
Supporters comments
The Change.org comments page for the petition gives you a flavour for what real members think about the proposed deal. Our Facebook group is a great way to engage adn interact with other members, share perspectives, suggest new directions for the campaign and keep up-to-date.
I want to see a clearer explanation of why the proposed spending will benefit members more than using the money in other ways, such as better rates or improved payment to members
Frederick Cantrell
Richmond (5th May)
A building society should allow its members to vote on such a large and expensive acquistion. I look forward to seeing the rationale for this transaction, and a case made for risk v potential benefits.
Deborah Robinson
Stockport (3rd May)
The Campaign Team
Mikael
Armstrong
Campaign leader
Jay
Smith
Facebook admin
Volunteers
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