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...Royal London, the life insurer which had its own role in the events at LV, earlier this month said it would enter the corporate pensions market, where companies offload their defined benefit pension schemes...
...Under the terms of the transaction, Nationwide will pay 218p in cash for each share of Virgin Money and a final dividend of 2p, the companies said on Thursday....
...While recognising the hurdles, people familiar with Nationwide’s approach say that its mutual status affords it greater time to pull off the integration than if it were a listed company beholden to shareholders...
...The mutual will pay 220p per share for the challenger bank, in a combination that the companies say will create the second-largest provider of mortgages and savings in the UK....
...The filings also showed a series of dividends between Berkshire’s subsidiaries and National Indemnity, as well as the parent company itself....
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...The deal would also be a rare acquisition of a listed company by a mutual, which is owned by its more than 16mn members who have a current account, mortgage or savings with the company....
...A number of listed UK companies seem priced for a quick sale. On Thursday, Britain’s largest private building society Nationwide announced it had provisionally agreed a takeover of Virgin Money....
...However, Nationwide data suggests it is hitting house prices....
...“This provides further evidence that households are no longer searching for higher interest rates by tying up money in fixed-term accounts,” said Ashley Webb, economist at research company Capital Economics...
...Nationwide warned that raising a deposit remained a major challenge for homebuyers....
...But Brenda Leong, a partner at Luminos Law, said it was “important for companies to understand that [the indemnities] are very narrowly focused and defined”....
...Campaigners also point out that Nationwide’s exit from the membership organisation last year means banking hubs cannot open in areas where there remains a Nationwide branch, which the building society has...
...Nationwide’s diversity focus is not solely on executive leadership. It has introduced the posts of “inclusion partners” to maintain its D&I strategy across the company....
...This indemnity kicked in last year, and since then money has flowed from Treasury to the Bank....
...A more benign backdrop has also helped spur several transactions between UK companies, including Nationwide Building Society’s agreement in March to buy Virgin Money for £2.9bn....
...The company’s net income fell 46 per cent to Rmb12.2bn ($1.69bn) last year, the state-linked company said in an exchange filing late on Thursday....
...Nationwide, the country’s largest mutual, has attracted ire from campaigners and some of its members in recent weeks who argue that it should put its purchase of Virgin Money to a vote....
...“For the first time in history, Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community...
...Walmart is planning to close all its health centres across the US, as the retail giant abandons plans to set up a nationwide network of low-cost clinics because of soaring costs and reimbursement challenges...
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...UK house prices rose unexpectedly last month, supported by a lack of properties for sale, according to the mortgage provider Nationwide....
...Vanke, partly owned by Shenzhen Metro, the rapid transit system in the southern city, is the latest focal point of a nationwide property slowdown that has seen many of its peers default on their debts....
...Nationwide reported that the average house price was £13,000 below its peak in August 2022, reflecting the hit to the market from higher borrowing costs....
...The figures align with data from mortgage provider Nationwide this week, which also showed an unexpected drop in house prices in March....
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