Nationwide said it had completed a banking business transfer scheme of Virgin Money and Clydesdale Bank on 2 April, according to a stock exchange note today.

The note added that Rhodes would retire from Nationwide, Virgin Money and Clydesdale as an executive director on 21 May, before retiring from Nationwide entirely in September.

Rhodes first joined the Nationwide board in April 2009.

Nationwide Group chief executive Debbie Crosbie said: “I would like to thank Chris for his exceptional service to UK financial services.

“Chris’s impact across Nationwide and Virgin Money has been immense. He has been with Nationwide since 2009, and he steadied and strengthened the Virgin Money business as its chief executive over the past 18 months. As a result, we are very well positioned for the future.”