Nationwide faces mounting calls to give members a say on Virgin Money takeover

Experts question if ‘bigger is better’ and whether members should be consulted on the £2.9bn deal

The Nationwide building society is facing growing calls to give its 16 million members a say on its proposed £2.9bn takeover of high street rival Virgin Money which would be the biggest UK banking deal since the financial crisis.

It is just under two weeks since the building society shocked the City when it said it had reached a preliminary agreement to pay Virgin Money shareholders 220p a share, a 38% premium on the lender’s share price at the time.

The move, if given the go ahead, would create Britain’s second-biggest savings and loans group and propel Nationwide into the big league of retail banking with 700 branches and combined assets of more than £36bn.