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Virgin Money UK PLC on Tuesday said it has cancelled the remainder of its buyback programme with immediate effect. In March, the Newcastle-based lender said that it was suspending a £150 million buyback programme after agreeing to the terms of a cash acquisition by Nationwide Building Society. Under the programme, the company has so far returned £63 million to shareholders. Following confirmation of the Nationwide takeover on March 21, Virgin Money has cancelled the remaining £87 million of the buyback program, now fully deducted during the first quarter from its common equity tier 1 capital resources. The company now expects a CET1 ratio benefit of £87 million in the second quarter. Virgin Money shares were up 1.1% to 216.20 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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