Business
Part VII Transfer
Clydesdale Bank PLC, trading as Virgin Money, has applied to the High Court for an order to transfer its entire banking business, excluding a small number of products, to Nationwide Building Society under a banking business transfer scheme. The application was made on November 3, 2025, with the court hearing scheduled for February 23, 2026, and a proposed effective date of April 2, 2026, if approved. Any objections to the scheme must be communicated to Clydesdale Bank by February 9, 2026. Disclaimer*
About this update from Nationwide Building Society
CLYDESDALE BANK PLC LEI: NHXOBHMY8K53VRC7MZ54 Application for transfer of banking business under Part VII of the Financial Services and Markets Act 2000 Clydesdale Bank PLC (trading as Virgin Money) ("CB") announces that on 3 November 2025, CB and Nationwide Building Society ("NBS") made an application (the "Application") to the High Court of Justice for an Order under section 111(1) of the Financial Services and Markets Act 2000 (as amended) sanctioning a banking business transfer scheme (the "Scheme") providing for the transfer to NBS of the Transferring Business (as defined in the document setting out the terms of the Scheme (the "Scheme Document")). The Transferring Business consists of the entire business of CB (with the exception of a small number of products, contracts and arrangements, which constitute the Excluded Business (as defined in the Scheme Document)). The proposed transfer will result in the Transferring Business, which is currently being carried on by CB, being carried on by NBS. A copy of the Scheme Document, an explanatory statement setting out the terms of the Scheme and a formal notice of the transfer will be sent free of charge to any person who requests it using the contact details set out below. These documents are available to collect from 177 Bothwell Street, Glasgow, Scotland, G2 7ER until the date on which the Application is heard by the Court. These and other documents relating to the Scheme are also available on CB's website at www.virginmoney.com/nationwide-transfer. This website will be updated with any key changes in respect of the Scheme. All questions or concerns and any requests for information relating to the Scheme should be referred to CB by email to: [email protected] (for Treasury counterparties) or [email protected] (for customers and other interested parties). In relation to the Scheme, CB can also be contacted by telephone on 0800 066 5008* (or 00 44 141 880 2050** from outside of the UK) from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays, or by post at: Nationwide Transfer The team at Virgin Money Sunderland SR43 4JB The Application is due to be heard before the Court on 23 February 2026. If approved by the Court, it is currently proposed that the Scheme will take effect on 2 April 2026. Any person that wishes to object to the Scheme ...
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