Virgin Money UK to be reimbursed GBP87 million after calling off buyback

(Alliance News) - Virgin Money UK PLC on Tuesday said it has cancelled the remainder of its buyback programme with immediate effect.

In March, the Newcastle-based lender said that it was suspending a GBP150 million buyback programme after agreeing to the terms of a cash acquisition by Nationwide Building Society.

Under the programme, the company has so far returned GBP63 million to shareholders.

Following confirmation of the Nationwide takeover on March 21, Virgin Money has cancelled the remaining GBP87 million of the buyback program, now fully deducted during the first quarter from its common equity tier 1 capital resources.

The company now expects a CET1 ratio benefit of GBP87 million in the second quarter.

Virgin Money shares were up 1.1% to 216.20 pence each in London on Tuesday morning.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.