Latest news with #VirginMoney
Yahoo
a day ago
- Business
- Yahoo
Jagriti Singh joins 365 Finance as Head of Credit
UK-based SME lender 365 Finance has appointed Jagriti Singh as its new Head of Credit. In a statement, the firm said Singh's experience in credit strategy, risk management and advanced analytics will help underpin its expansion plans, including a move to scale originations to £200 million annually. Singh was previously Head of Risk Analytics Strategy at Virgin Money, where she led a team within the bank's model risk function. Her role included oversight of major change programmes, such as the transformation of data aggregation and reporting, and driving automation to support compliance. 365 Finance CEO Warren Abbey said Singh's track record in building risk analytics frameworks and delivering digital transformation 'perfectly aligns' with the firm's plans to expand responsibly. 'As we continue our rapid expansion into new markets like Ireland,' he said, 'Jagriti's expertise will be instrumental in maintaining our industry-leading approval rates.' Prior to Virgin Money, Singh was a risk expert at McKinsey & Company, working with European financial institutions on AI-driven credit frameworks, natural language processing (NLP) models for credit scoring, and hedge fund portfolio monitoring tools. Her appointment comes as 365 Finance reports year-on-year growth of over 50% in funded deals. Commenting on her new role, Singh said: 'The combination of cutting-edge AI technology and a customer-centric approach to SME lending represents the future of financial services. I look forward to enhancing our credit analytics capabilities to support even more businesses.' Singh holds technology degrees from the Indian Institute of Technology, Bombay, and is certified as an AWS Cloud Practitioner with expertise in Python, R and machine learning. Her appointment follows a £150 million debt facility secured by 365 Finance from Pollen Street Capital and the company's entry into the Irish market, where it plans to grow lending to over €100 million. "Jagriti Singh joins 365 Finance as Head of Credit" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Wales Online
4 days ago
- Business
- Wales Online
Nationwide sends email about £100 bonus to customers but not all will qualify for it
Nationwide sends email about £100 bonus to customers but not all will qualify for it Nationwide is set to pay out an additional £400 million to a further four million customers through its Fairer Share scheme - here's everything you need to know Nationwide is set to pay out an additional £400 million to a further four million customers (Image: Mike Kemp/Getty ) Nationwide has confirmed that millions of customers will receive another round of £100 bonus payments. The building society is set to distribute a total of £400million to four million customers. The bonus cash is part of its Fairer Share scheme, which allows Nationwide to share its profits with its customers. The money will be directly deposited into your Nationwide current account between 18 June and 4 July. For money-saving tips, sign up to our Money newsletter here . To qualify for the payment, you need to have a qualifying current account, as well as a savings account or mortgage with Nationwide. More detailed qualifying criteria for each type of Nationwide current account can be found below. Your current account must have been opened on or before March 31, 2025. For savings accounts, you must have had at least £100 saved at the end of any day in March 2025. If you have a mortgage, you must have had at least £100 left to pay off on March 31, 2025. Nationwide will contact you by email or letter by May 30, reports the Mirror. This comes after Nationwide reported a 30% increase in annual profits following its acquisition of Virgin Money. Pre-tax profits were £2.3billion for the year to 31 March, up from £1.8 billion the previous year. On an underlying basis, pre-tax profits fell to £1.9billion from £2billion as Nationwide stated it had prioritised offering competitive interest rates to customers. The group also paid out a record £2.8billion to members in rewards, including a separate £50 thank you bonus to its customers earlier this year following the Virgin Money takeover. The update today means Nationwide has now announced three Fairer Share payments. Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. In 2023, Nationwide distributed £340million to 3.4 million eligible members. Debbie Crosbie, Nationwide's Chief Executive, said: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." Nationwide Fairer Share - qualifying current accounts. Here is the additional qualifying criteria for each Nationwide current account: Article continues below
The Independent
4 days ago
- Business
- The Independent
Who is eligible for Nationwide's £100 bonus payment
Nationwide will distribute a £100 'Fairer Share' payment to over four million eligible members in 2025, up from 3.85 million last year, costing the building society £400 million. To qualify for the payment, members must use Nationwide for everyday banking and hold a qualifying savings or mortgage product; payments will be made between June 18 and July 4. The payment follows Nationwide 's 30 per cent jump in annual profits, driven by the takeover of Virgin Money and a focus on competitive interest rates. Nationwide CEO Debbie Crosbie reported a record £2.8 billion returned to members and the highest ever growth in mortgage lending and retail deposit balances. Following the £2.9 billion acquisition of Virgin Money, Nationwide has no immediate plans for job cuts and will maintain Virgin Money 's Newcastle headquarters, but long-term impacts on staff are still under review.
Wales Online
5 days ago
- Business
- Wales Online
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything The building society will pay out a total of £400million to four million customers through its Fairer Share scheme - here's who will receive the bonus payment Nationwide Building Society are rewarding their customers. (Image: Mike Kemp/Getty ) Nationwide has revealed that millions of its customers are set to receive another round of £100 bonus payments. The building society is set to distribute a total of £400 million to four million customers. The bonus cash is part of Nationwide's Fairer Share scheme, which shares the company's profits with its customers. The money will be directly deposited into customers' Nationwide current accounts between 18 June and 4 July. To qualify for the payment, customers must have a current account with Nationwide, as well as either a savings account or mortgage. More detailed qualifying criteria for each type of Nationwide current account can be found below. For money-saving tips, sign up to our Money newsletter here . Customers' current accounts must have been opened on or before 31 March 2025. For savings accounts, customers must have had at least £100 saved at the end of any day in March 2025. For those with mortgages, there must have been at least £100 left to pay off on 31 March 2025. Nationwide will contact eligible customers by email or letter by 30 May, reports the Mirror. This announcement follows a 30% increase in annual profits for Nationwide after it took over Virgin Money. Pre-tax profits rose to £2.3 billion for the year ending 31 March, up from £1.8 billion the previous year. However, on an underlying basis, pre-tax profits fell to £1.9 billion from £2 billion, as Nationwide stated it had prioritised offering competitive interest rates to its customers. Britain's largest building society, Nationwide, today reported record-breaking profits of £3.1billion and further delighted members by declaring a third Fairer Share payout in as many years. This supplementary distribution comes on the heels of a milestone year that witnessed Nationwide reward its customers with a staggering £2.8billion in benefits. Members had already reaped a one-off £50 reward earlier this year, celebrating the successful integration of Virgin Money. Nationwide's prosperity has led to a succession of lucrative payouts for its customers. In the previous year, 3.85 million qualifying members shared £385million after the building society unveiled £2billion in profits. A similar £340million windfall was distributed to 3.4 million eligible account holders in 2023. Commenting on the company's remarkable performance, Nationwide's Chief Executive, Debbie Crosbie, stated: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." They have said that the bonus will be payed between Wednesday, June 18 and Friday, July 4 to those eligible. Here is the additional qualifying criteria for each Nationwide current account: FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexAccount, FlexDirect or FlexBasic: In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexPlus: Pay the monthly fee for maintaining the account. Article continues below
Daily Mail
5 days ago
- Business
- Daily Mail
Cash Isa tax raid will hike cost of mortgages, Nationwide boss warns Reeves
The boss of the UK's biggest building society Nationwide has warned that a tax raid on Cash Isas will make mortgages more expensive. Chief executive Debbie Crosbie said she was 'very keen' for the tax-free allowance to remain at £20,000 a year – as the lender reported a 30 per cent jump in profits. It comes amid renewed fears that the Chancellor will cut the limit in her October Budget to get more savers to invest in stocks and shares instead. Rachel Reeves is plotting an overhaul of the Isa regime but has not yet revealed what it will involve. She abandoned plans to address the issue in March's Spring Statement after fierce pushback from savers. Crosbie yesterday questioned whether a cut to the tax-free limit was the 'right way' to promote growth, as Nationwide revealed profits soared to £2.3billion in the year to March 31, from £1.8billion a year earlier. The group has handed out a record £1billion in rewards to members. That includes a £100 bonus for 4m customers to be paid over the summer, which was first reported by The Mail on Sunday. It is the third 'fairer share' payment since 2023. And it is on top of a £50 payment that went to 12m members this year after Nationwide completed a £2.9billion takeover of Virgin Money. Crosbie hailed an 'outstanding' year but warned that the economic outlook remained 'highly uncertain'. It pencilled in modest growth in the wider UK economy of 1.4 per cent this year. The Scottish executive yesterday said Cash Isas are a 'very important source of funding' for building societies providing home loans. 'I'm not sure [a cut to the tax-free allowance] would prevent people from lending, but what it could do, particularly for some of the smaller building societies, is increase the costs of mortgage lending,' she said. Leeds Building Society boss Richard Fearon has said such a move means ' mortgage rates would become more expensive to borrowers'. And the Building Societies Association has warned it could lead to a downturn in the housing market. Crosbie said: 'What [the Government wants] is to stimulate growth, and we're aligned with that. I think the question is: is the right way to do that by reducing the Cash Isa limit? 'We think that a lot of our customers really value the tax-free savings. We would be very supportive of the Government's agenda on increasing growth and encouraging people to think about investing sensibly. 'We are just not sure that the Cash Isa [reform] is the best way to achieve that. Keeping the Cash Isa limit where it is, is a good thing.' She said it had been a 'very busy start to the Isa season' and that 40 per cent of customers were opening Isas in branches, in a vote of confidence for in-person banking. Cash Isas are a 'really important way of people saving and we think it's very beneficial to a lot of people,' Crosbie said. '[We are] very keen to maintain the cash level where it is.'
