The UK’s competition regulator, the Competition and Markets Authority (CMA), has given the greenlight regarding Nationwide’s anticipated £2.9 billion acquisition of Virgin Money.

After opening an inquiry in May, the CMA has said that the deal between the financial institutions is a “relevant merger situation” that doesn’t result in “a substantial lessening of competition.”

With the approval, and after scrutinising what the impact on mortgages on homes occupied by the owner, buy-to-let mortgages, and credit cards would be, there’s now the opportunity for the UK’s second largest mortgage lender to be created. Lloyds Banking Group is currently the country’s biggest lender in this area.

Speaking on the decision, a Virgin Money spokesperson—according to City A.M.—said: “We welcome the CMA’s decision to unconditionally clear the proposed acquisition by Nationwide following its Phase 1 investigation.”

“The enlarged group will combine two complementary businesses that together can offer more great products and services to a larger customer base.”

“We continue to expect that the transaction will complete in the fourth quarter of this year.”

Nationwide’s plan to buy Virgin Money was first outlined in early March, with Kevin Parry, the building society’s chairman, stating that if the acquisition were to go through, it would “accelerate our strategy and create a stronger and more diverse business that is better placed to deliver financial value to our members, both now and in the future.”

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Later that month, it was announced that an offer had been made, and that around 89% of Virgin Money shareholders voted in favour of the acquisition, surpassing the 75% threshold.

If the deal is completed, it would be the biggest UK bank takeover since the 2008 financial crisis, which led to the nationalisation of Northern Rock bank. Northern Rock was then bought out by Virgin Money in 2012.