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...Nationwide launched a TV advert last year ridiculing the branch-cutting “big banks”....
...banks....
...Nationwide chief executive Debbie Crosbie is not afraid of taking pot shots at Britain’s biggest banks....
...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....
...Nationwide is an exceptionally good bank — sorry, building society....
...But Nationwide isn’t really stumping up much to become the UK’s number two retail bank in terms of mortgages and savings. The offer pegs the bank at a valuation of about 0.6 times tangible book value....
...Nationwide Building Society has reached a preliminary agreement to buy Virgin Money in a £2.9bn deal that would bolster its ability to challenge the UK’s big four banks....
...It is a decent price given the challenges faced by banks today,” Gadhia said. “Nationwide is a good home for it and will benefit customers.”...
...The figures from Nationwide — which put the average cost of a property at £261,142 — were worse than expected....
...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....
...The UK’s Coventry Building Society has agreed heads of terms to buy Co-op Bank for £780mn in a deal that would return the private equity-owned bank to mutual ownership....
...Nationwide warned that raising a deposit remained a major challenge for homebuyers....
...Analysis by DBRS Morningstar of 43 European and UK banks found that Nationwide was one of only five with female chief executives in 2021....
...Nationwide’s net interest margin — a closely watched measure of the difference between the interest banks charge on loans and the rate they pays to consumers for deposits — rose year on year to 1.7 per cent...
...The figures reflect the impact high mortgage rates have had on would-be home buyers, after the Bank of England raised the cost of borrowing from a record low of 0.1 per cent in late 2021 to a 15-year high...
...Financial markets expect the central bank’s Monetary Policy Committee to keep rates unchanged at its meeting on Thursday....
...Relative to earnings, house prices in London reached the highest on record in 2016, according to separate data from Nationwide....
...The figures align with data from mortgage provider Nationwide this week, which also showed an unexpected drop in house prices in March....
...UK mortgage approvals rose much more than expected in February, reaching their highest level since September 2022, as mortgage interest rates fell from their peaks, Bank of England data showed on Tuesday...
...Economic data: UK data released includes February mortgages, Nationwide’s March house price index and the British Retail Consortium’s March shop price index....
...survey of banks and building societies....
...UK house prices: Nationwide house price index for February. Central banks: Huw Pill, chief economist at the Bank of England, gives a speech at Cardiff University Business School....
...However, owing to the virtually non-existent charging infrastructure in developing countries such as India, a nationwide battery swapping policy needs to be put in place....
...There is evidence, too, of growth in house prices, with Nationwide’s index for February recording prices up 1.2 per cent over the year....
...On Thursday, the Bank of England said mortgage approvals rose more than expected in January to the highest level since October 2022....
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