Nationwide confirms three-way BS merger

In a statement, Nationwide said the deal was a "prudent and pre-emptive" action taken independently of the boards of the two smaller organisations, following the identification of financial issues faced by both societies. The merger creates a society with assets totalling more than £191bn and £122bn of retail deposits. Graham Beale, Nationwide's chief executive, said the merger was in the best interests of Derbyshire and Cheshire's savers and borrowers given the financial issues faced by both societies. "The core member businesses of both societies are in good shape and have a better fu...