UK competition watchdog probes Nationwide-Virgin Money deal

May 31 (Reuters) – Britain’s competition regulator said on Friday it had started a probe into Nationwide Building Society’s (NBS.L), opens new tab proposed 2.9 billion pound ($3.7 billion) all-cash deal to buy Virgin Money UK (VMUK.L), opens new tab.

The deal, which was announced in March and is expected to close in the fourth quarter of the year, could create the country’s second-largest savings and mortgage provider, after Lloyds Banking Group (LLOY.L), opens new tab, owner of Halifax.

Source: REUTER