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Nationwide Building Society recently took over Virgin Money (PA) \u00b7 Rui Vieira <\/p>\nNationwide will overtake Lloyds Banking Group to have the biggest branch network in the UK next month, as its boss said the \u201ctide is turning\u201d with in-person banking regaining popularity.<\/p>\n
The building society expects its chain of 696 branches will soon be the largest as it also announced plans to hand out a new \u00a3100 bonus to members in June.<\/p>\n
The change will come as a result of Lloyds kicking off a new tranche of closures across its brands later this month.<\/p>\n
Once Lloyds completes the 95 closures, which also includes Halifax and Bank of Scotland sites, the group will have 610 branches in total by March next year.<\/p>\n
Dame Debbie Crosbie, Nationwide\u2019s chief executive, said the building society was finding its branches to be increasingly popular with customers.<\/p>\n
\u201cSo I suppose, in some regards, I\u2019m not surprised that there\u2019s a lot of our competitors thinking very carefully about strategy,\u201d she said.<\/p>\n
\u201cWe see huge success in our branch network and continue to see it, so perhaps the tide is turning and we will certainly continue to invest in our branches.\u201d<\/p>\n
People opening current accounts with Nationwide increased by 20% through its branches in the past year, it said.<\/p>\n
The building society has pledged to keep its 605 Nationwide branches and 91 Virgin Money sites open until at least 2030.<\/p>\n
\u201cWe don\u2019t have any immediate plans to open any new branches but we will always keep that under review,\u201d Dame Debbie said.<\/p>\n
\u201cThe one thing we\u2019re doing is extending opening hours in a lot of our branches and we\u2019re seeing demand for Saturdays and for longer hours.<\/p>\n
\u201cWhat we are finding is that more and more people really value face-to-face, human contact\u2026 particularly for areas like fraud, bereavement and power of attorney.\u201d<\/p>\n
Nationwide Building Society recently took over Virgin Money (PA) \u00b7 Rui Vieira <\/p>\n
Meanwhile,\u00a0Nationwide announced its latest \u201cFairer Share\u201d payment, the fourth since the profit-sharing initiative began, with around 4.4 million members eligible for \u00a3100 in June.<\/p>\n
It said around\u00a0\u00a31.5 billion will have been returned to members since the scheme began in 2023, and it aims to make the payments every year depending on the group\u2019s financial performance.<\/p>\n
Nationwide is a mutual organisation, meaning it is owned by members rather than shareholders.<\/p>\n
The group\u2019s latest financial results revealed lower profits compared with the year before, following the takeover of Virgin Money.<\/p>\n
The building society made a pre-tax profit of \u00a31.49 billion for the year to the end of March, down from the \u00a32.3 billion it made last year.<\/p>\n
Nationwide said the previous year\u2019s earnings had been bolstered by a one-off gain from the acquisition of Virgin Money, which it is currently integrating into the group.<\/p>\n
The Virgin Money brand is set to be phased out and its customers will be able to transition to Nationwide, while the first rebranding of branches is expected to come in 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"Nationwide will overtake Lloyds Banking Group to have the biggest branch network in the UK next month, as…\n","protected":false},"author":2,"featured_media":43686,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21256],"tags":[22105,20919,2861,9714,22104],"class_list":["post-43685","post","type-post","status-publish","format-standard","has-post-thumbnail","category-lloyds-banking-group","tag-announced-plans","tag-branch-network","tag-lloyds-banking-group","tag-nationwide-building-society","tag-virgin-money"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116611716583974255","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/43685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=43685"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/43685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/43686"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=43685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=43685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=43685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}