About 89% of listed bank Virgin Money UK shareholders have voted in favour of a £2.9 billion cash takeover by mutually-owned Nationwide Building Society.

The shareholder vote surpassed the 75% threshold required.

Virgin Money UK chairman David Bennett said: “The board of Virgin Money welcomes the outcome of the shareholder meetings that took place earlier today, where shareholders voted strongly in favour of the recommended cash acquisition by Nationwide.

“We are hopeful that the transaction will complete before the end of the year, subject to the outstanding conditions being satisfied.”

Glasgow and Newcastle-based Virgin Money has about 7,300 full time equivalent staff.

Nationwide CEO Crosbie is a former top executive at Clydesdale and Yorkshire Banks, now part of Virgin Money. She is also a former TSB Bank CEO.

Virgin Money CEO David Duffy will step down from his position, effective from deal completion. Nationwide CFO Chris Rhodes will take on the position of Virgin Money CEO, with Muir Mathieson, deputy CFO and treasurer of Nationwide, becoming CFO of Nationwide.

Both appointments are subject to regulatory approval and will report directly into Debbie Crosbie as CEO of the combined group.