Virgin Money UK announced that its chief financial officer (CFO) Clifford Abrahams has informed the board of his decision to step down from his position to pursue a new opportunity at another organisation.

On September 9, mutually-owned Nationwide Building Society said regulators the FCA and the PRA have given their consent for its £2.9 billion cash acquisition of Virgin Money UK.

Abrahams will remain with the company as CFO and an executive director of the company and of Clydesdale Bank plc until December 15, 2024, ensuring a smooth transition to Gergely Zaborszky, who will become an executive director and assume the role of CFO, subject to regulatory approval.

Zaborszky is currently Head of FP&A and Capital Management at Virgin Money. He previously worked at GE where he held a number of senior roles, most recently CFO Imaging at GE Healthcare.

David Bennett, Virgin Money UK chair, said: “In his time at Virgin Money Clifford has been instrumental in driving strategic change at the organisation and has brought discipline and focus to the finance function.

“He has been a great colleague and on behalf of the Board I wish him well for the future. I’m pleased that we have identified such a strong successor and look forward to working with Gergely as the business moves to its next phase of development.”