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.