Nationwide, a British mutual financial institution, agreed to acquire Virgin Money, a financial service firm, for £2.9bn ($3.7bn). "The Board of Virgin Money is pleased that Nationwide recognises the considerable strengths and opportunities that exist across our business, with the potential acquisition delivering attractive value for our shareholders. We are confident that a combination would support an exciting new chapter for Virgin Money to benefit from Nationwide's scale and ambition," David Bennett, Virgin Money Chairman.