CMA to investigate £2.9bn takeover of Virgin Money by Nationwide

Watchdog opens first stage of merger process to examine whether deal would lead to less competition

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The UK competition regulator has launched an inquiry into the £2.9bn takeover of Virgin Money by the rival lender Nationwide Building Society.

The Competition and Markets Authority (CMA) said it had opened the first stage of its merger process to look at whether the deal – one of the largest transactions in the banking sector since the 2008 financial crisis – would lead to substantial lessening of competition.

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