Portman brand to disappear in Nationwide deal

The deal will see the Portman brand disappear with the southern counties-based mutual effectively being swallowed up by Nationwide. It will also increase Nationwide's assets to over £150bn and launches the UK's second largest mortgage lender into the non-conforming and self-cert markets. The deal quickly follows on from Portman's merger with Lambeth Building Society, announced in March, which has recently received FSA approval. That deal set a merger date for 30 Septemeber with the Lambeth brand disappearing as a result. The merger with Nationwide is expected to become effective by the e...