Nationwide has today confirmed the completion of its merger with Portman Building Society and says it will run the specialist lending arms of the two societies under a dual strategy.
The move makes Nationwide the UK’s second largest provider of retail mortgages and savings. The enlarged society now has assets of over £160bn, 13 million members, 900 retail outlets across the country and 19,000 employees.
Nationwide has confirmed that UCB Home Loans and The Mortgage Works, the specialist lending brands of Nationwide and Portman respectively, will be retained in a dual strategy to offer intermediaries a wider range of choice for their clients.
Commenting on the merger’s completion, Graham Beale, Nationwide’s chief executive, says: “Today marks the start of an exciting new chapter in Nationwide's history. The completion of our merger with Portman is a major step forward for us and will underpin our future success. I'm pleased to welcome Portman's members and employees to Nationwide.”
The FSA granted approval for the merger on 26 July after only minor objections were received from Portman members.
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