Rhodes to leave boards in May and retire in September after Virgin Money’s business moves across
Virgin Money’s chief executive officer, Chris Rhodes, is set to retire this year as Nationwide completes the formal transfer of Virgin Money’s banking business into the building society group.
Nationwide said it brought into effect a banking business transfer scheme on Thursday, 2 April 2026, moving the transferring business of Clydesdale Bank — the legal entity that owned Virgin Money and Yorkshire Bank — to Nationwide. The transfer was approved by the court on 23 February 2026.
The move means Nationwide becomes responsible for customer mortgages, accounts, credit cards, data and other banking contracts previously held under the Virgin Money and Clydesdale Bank entities, without requiring individual customer consent. Nationwide said a limited set of products and arrangements sit outside the transfer as “excluded business”.
Rhodes (pictured right), who led Virgin Money following Nationwide’s takeover in October 2024, will retire as an executive director from the boards of Nationwide, Virgin Money and Clydesdale Bank on 21 May 2026. He will then retire from Nationwide entirely in September 2026.
“I would like to thank Chris for his exceptional service to UK financial services,” said Debbie Crosbie, group chief executive at Nationwide. “Chris’s impact across Nationwide and Virgin Money has been immense. He has been with Nationwide since 2009, and he steadied and strengthened the Virgin Money business as its chief executive over the past 18 months. As a result, we are very well positioned for the future.”
Nationwide agreed to buy the then FTSE 250-listed Virgin Money in March 2024 for about £2.9 billion, a deal that completed at the start of October 2024. The combination created the UK’s second-largest retail banking provider, behind Lloyds Banking Group and ahead of NatWest.
Under the takeover terms, Nationwide also agreed payments linked to the Virgin Money brand, including royalties in the first four years and an exit fee, with the brand expected to disappear from the high street within six years of completion.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
