Nationwide Building Society has announced a £2.9bn deal to acquire Virgin Money, in a move that will strengthen its position in the UK banking industry. This acquisition will allow Nationwide to venture into business banking and expand its mortgage market share. The deal is expected to accelerate Nationwide's strategy and broaden its product offerings. If approved, the combined group will become the second-largest provider of mortgages and savings in the UK. Virgin Money, co-founded as Virgin Direct by Jayne-Anne Gadhia, is set to operate as a separate business within Nationwide initially, later being integrated. The acquisition signals increased competition in the UK mortgage and savings market and will see Nationwide retaining the Virgin brand for another four years. The deal, expected to benefit customers, represents a significant move in the banking sector.