Shareholders agree to £2.9bn deal

Virgin Money shareholders have backed a bid by Swindon-based Nationwide Building Society to take over the bank.

Eighty-nine per cent of shareholders voted in favour of the £2.9bn takeover. They included Sir Richard Branson, who owns 14.5 per cent of the bank.

Nationwide did not offer its own members – who are effectively its shareholders as part of its mutual corporate structure – a say on the takeover, which was first announced back in March, despite some investor objections.