The boss of Virgin Money is set to depart the firm later this year as the bank fully consolidates into the Nationwide umbrella.

Virgin Money's chief executive Chris Rhodes will retire from the Nationwide, Virgin Money, and Clydesdale Bank boards on 21 May 2026, before retiring from the group entirely in September. 

Rhodes joined Nationwide's board in 2009 and served as Virgin Money's boss following Nationwide's acquisition of the bank in late 2024. 

In a statement on Tuesday, Nationwide also confirmed the 'Part VII transfer' of Clydesdale Bank's banking business (trading as Virgin Money). 

The completion of this legal process means a lender can move all of its customers, accounts, and contracts to another bank without needing to ask every single customer for individual permission. 

This brings nearly all of Clydesdale’s operations into Nationwide and consolidates its expanded position following its acquisition of Virgin Money. 

In essence, it means Nationwide becomes responsible for customer accounts, mortgages, credit cards, data and banking contracts at the previous brands. 

The 'Transferring Business' consists of the entire business of Clydesdale Bank, except for a small number of products, contracts and arrangements. 

Nationwide becomes responsible for customer accounts, mortgages, credit cards, data and banking contracts at the previous brands. 

Clydesdale Bank is the legal entity that owned Virgin Money and Yorkshire Bank. 

Dame Debbie Crosbie, the group's chief executive, said: 'I would like to thank Chris for his exceptional service to UK financial services. 

'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 CEO over the past 18 months. As a result, we are very well positioned for the future.'

Nationwide agreed a deal for Virgin Money in 2024 for around £2.9billion. The takeover, which was completed at the start of October, helped forge Britain's second-largest retail banking provider, ahead of Natwest and behind Lloyds Banking Group.

Nationwide booked a £2.3billion gain on the Virgin Money deal because the assets that it bought were valued at more than the purchase price. 

Nationwide plans to phase out the Virgin Money brand entirely and rebrand it under the Nationwide name. The complete rebrand is expected to take four to six years, which means the famous red logo will likely disappear from high streets by 2030. 

Nationwide has pumped more than £1billion into Virgin Money's Clydesdale Bank to prop up the struggling Scottish lender, The Mail on Sunday revealed last month.

 It is unclear how many of Virgin Money's customers will become Nationwide members and qualify for its annual £100 'Fairer Share' bonus payment.