Debbie Crosbie says only a ‘tiny minority’ of members are against the plan
for takeover of bank led by former AIB CEODebbie Crosbie, the chief executive of Nationwide Building Society has hit back at criticism of her ambitious takeover of the high street bank Virgin Money, and defended her refusal to grant the mutual’s members a vote on the deal.
Virgin Money is led by former AIB chief executive David Duffy. He could be in line for a £15.3 million pay-day if the purchase goes ahead.The Labour Party has previously pledged to double the size of the UK’s mutual sector if it forms the next Government, with a general election now set for July 4. But members have been attempting to force a vote on the £2.9 billion takeover, arguing that the mutual must do more to convince them it would lead to better deals for customers.Nationwide said it had no legal obligation to put the decision to its 16mn members and that out of 30,000 customers surveyed, less than 8 per cent were negative about the deal. The building society is expected to complete the £2.9bn takeover by the end of the year.
The lender said £99 million of its provisions would be used to cover litigation costs linked to its discussions with authorities about historical tax matters that took place in 2018 and 2019, and £24 million would be used to cover potential remediation costs linked to customer complaints.
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