The deal was offered earlier this month, in a move to expand the group into a major retail bank.

Nationwide also announced that it will be extending its Branch Promise by two years to establish more branches until 2028. This will also apply to Virgin Money branches if acquired successfully.

The building society expressed that the deal will establish better value savings and lending rates for customers and allow the company to reach out to more users in the UK.

Nationwide confirmed that CFO Chris Rhodes will become CEO of Virgin Money, with current CEO Muir Mathieson stepping down.

Kevin Parry, chairman of Nationwide commented: "Following full consideration and the appropriate due diligence, and after taking comments from members into account, the Board of Nationwide’s assessment is that the binding offer to acquire Virgin Money is in the best interests of the Society and its present and future members.”