Concern: Lib Dem peer Baroness BowlesNationwide has been accused of using 'sneaky' tactics to avoid putting its £2.9 billion takeover of rival lender Virgin Money to a member vote. Campaigners accuse Nationwide of 'relying on a technicality' in the Building Societies Act to block a vote. Virgin Money's home loan income last year was £1.5 billion – less than 40 per cent, suggesting a vote is needed, campaigners claim. But Nationwide insists the 50 per cent hurdle is cleared if income from financial contracts called swaps is included. Lib Dem peer Baroness Bowles, who sits on the London Stock Exchange's board, said: 'It does seem that Nationwide is being somewhat sneaky by including swap income.'

Source: Daily Mail May 05, 2024 04:14 UTC