An internet petition demanding a vote on Nationwide’s deal to purchase Virgin Cash has surged previous 1,000 signatures.
The constructing society, which is owned by its 16million prospects, plans to bolt on the lender to create Britain’s second largest financial savings and loans group.
Nationwide insists that Metropolis takeover guidelines preclude the mutual from giving its members a vote on the £2.9billion deal.
Dangerous: Nationwide insists that Metropolis takeover guidelines preclude the mutual from giving its members a vote on the £2.9billion deal
However campaigners say shopping for the financial institution is dangerous and can weaken Nationwide’s sturdy steadiness sheet. It’s also unclear what’s in it for members, they add.
‘Nationwide is attempting to maintain dialogue to a minimal, however why are they so afraid of a vote?’ stated petition organiser Mikael Armstrong. ‘Their method appears to be ‘belief us’ – it is an odd option to run a mutual.’
Armstrong has handed within the change.org petition to the society’s headquarters in Swindon – with the five hundred signatures Nationwide’s guidelines say are wanted to name a particular members’ assembly to debate the deal.
Nationwide maintains that any member poll can be ‘advisory’ and ‘non-binding’.