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Latest News - Nationwide Building Society is currently ignoring this petition and maintins that the demand for a SGM is invalid. It has been asked to explain why but will not currently do so. Everyone who agrees there should be a vote should keep signing up to put more pressure on Nationwide.

Despite what has been written within some articles in the media, the deal is not yet done and anything can still happen. The best estimate is that it would not be finalised before October. We will therefore be planning action we can all take at the upcoming Annual General Meeting.

In the meantime it is time to step up a gear. All members are now urged to withdraw all but £100 of their savings and deposit them with another Bank or Building Society paying higher returns.

Nationwide Building Society is the largest Building Society in the world with 16 million members. The Building Society is owned by its members as a mutual organisation and should be run in the interests of its members.

However it was recently announced that the management of Nationwide want to proceed to buy the Virgin Money Bank for £2.9 billion without giving its members any say in the process. This is an outrageous show of arrogance and there is absolutely no guarantee that the acquisition of Virgin Money will benefit members in any way. The deal would result in a number of high profile managers and shareholders of Virgin Money making large sums of money at the expense of Nationwide members.

One of the justifications given by Nationwide management is that buying Virgin Money would give it a share of the business banking market. It could easily offer business banking service itself if it invested just a small proportion of the £2.9 billion it intends to spend on Virgin Money.

Taking on another business in the form of Virgin Money which in itself has been created from several banks and never integrated properly, with numerous different IT systems is a risky venture. The costs of integrating the business with Nationwide will cost far more than forecast and will likely yield far less profit than expected. There don't appear to be any other bidders for Virgin Money and the price offered by Nationwide is at a 40% premium to what the market valued Virgin Money at.

In order for members to have a say in this transaction, at least 500 of us must sign.  A cheque to cover the necessary deposit amount has now been provided to Nationwide on behalf of this campaign.

Even though 500 people have now signed, we need many more as many people who have signed will not be in a position to actually qualify as one the 500 Nationwide demand.