Nationwide Building Society is poised to distribute a loyalty bonus totaling at least £350 million to its members, buoyed by increased profits from higher interest rates. Last year, the society distributed £100 each to approximately 3.3 million customers. The new payout details will be revealed on Thursday.

This development coincides with Virgin Money shareholders voting on Nationwide’s £2.9 billion takeover offer. The acquisition, if approved, would position Nationwide just behind Lloyds Banking Group in terms of savings and loans. The mutual’s 16 million customers have not been given a vote on this significant deal, eliciting criticism.

Amid rising opposition, Nationwide maintains that the merger will enhance their financial robustness. Allan Gray, holding a 10% stake in Virgin Money, expressed disappointment with the offer yet did not disclose its voting decision. Virgin Group, the bank’s largest shareholder, has endorsed the deal. To proceed, the takeover requires approval from 75% of voting shareholders. Nationwide has declined to issue further comments.