Nationwide and Portman merge successfully

28 August 2007
Nationwide Building Society has completed its merger with Portman Building Society following an overwhelming vote in favour of the move from shareholders and borrowing members at Portman’s AGM in April.

Nationwide will continue in its capacity as a mutual building society and, as a result of the merger, will become the UK’s second largest retail mortgage lender and second largest retail savings provider. Its member number is now around the 13 million mark, while its assets now exceed £160 billion.

The newly merged group has more than 900 retail outlets and approximately 19,000 employees. It also unites two specialist lending brands - UCB Home Loans and The Mortgage Works - which are being retained in order to offer a wider and more comprehensive choice of products and services.

Nationwide's chief executive, Graham Beale, described the merger as an exciting new chapter in the company’s history.

He said: “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.”

He appeared confident that the strength and size of the two firms would combine to create a stronger member-owned society.

Find out more about Nationwide Building Society and Portman Building Society