Banks taking over banks

[Saleen836]

Barclays are taking over Tesco Bank
https://www.bbc.co.uk/news/business-68249167

Nationwide taking over Virgin Money
https://www.bbc.co.uk/news/business-68499145

Some big shake ups going on in the world of finance, who next?

[anonymous-user]

Nationwide isn’t a bank, it’s a building society, which makes me wonder the implications for customers if it all ends up as one big building society.

Their chief exec also used to head up a lot of what Virgin Money used to be so she obviously knows what she’s buying.

[Eric Mc]

When nearly all the old building societies demutualised around 30 years ago, within 10 years all of them had been bought out by the mainstream banks.

It makes a change for a building society to be buying a bank.

[Fifty]

I guess that this will have quite an impact on FSCS if it carries on?

[Elroy Blue]

I checked. They are operated under two different banking licences (which they say won't change), so each continues ro get the £85k protection

[chip*]

Eric Mc said:

When nearly all the old building societies demutualised around 30 years ago, within 10 years all of them had been bought out by the mainstream banks.

It makes a change for a building society to be buying a bank.

Yes, I remember those days.
Also remember people strategically opening accounts with every BS in anticipation of the freebie shares from the flotation.