2nd Apr 2024 13:34
(Correcting headline of story.)
(Alliance News) - Virgin Money UK PLC on Tuesday said it has cancelled the remainder of its buyback programme with immediate effect.
The cancellation of the programme comes after Virgin Money agreed to the terms of a cash acquisition by Nationwide Building Society.
The company has so far returned GBP63 million to shareholders under the programme. The remaining GBP87 million had been fully deducted from its CET1 resources in the first quarter. It now expects a CET1 ratio benefit in the second quarter.
Virgin Money shares were up 1.5% to 217.00 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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