Banking

David Duffy to step down as Virgin Money chief in proposed £2.9bn takeover

Nationwide has made a 220p-a-share firm offer for Virgin Money

David Duffy: Former AIB chief will stand down from the British lender on completion of the deal, which is expected during the final three months of 2024. Picture: Shane O'Neill / Fennell Photography

David Duffy, the former AIB chief and the reigning boss of Virgin Money, is set to step down as leader of the British lender after it agreed a £2.9 billion takeover deal with Nationwide Building Society.

Nationwide has made a 220p-a-share firm offer for Virgin Money, including a planned 2p-per-share dividend payout, which will now be voted on by Virgin Money shareholders.

Confirmation of the deal comes after the two companies reached a preliminary agreement ...