The Portman Building Society will merge with Nationwide Building Society following overwhelming approval by savers and borrowers at Portman's AGM today.
More than three times the usual turnout voted at this year’s AGM with 93% of shareholders and 92% of borrowing members voting in favour of the merger. The move is subject to confirmation by the Financial Services Authority (FSA), but is expected to be finalized on 28th August 2007.
Merger bonus payments will be mailed to qualifying members within 28 days of this date. Following the merger, the Nationwide Building Society will be the second largest mortgage lender and the second largest retail savings provider in the UK with assets of more than £150 billion and more than 13 million members.
Robert Sharpe, Chief Executive of Portman Building Society said: “I am very pleased that Portman members have clearly supported the Board’s recommendation to merge with Nationwide Building Society."
Graham Beale, Chief Executive, Nationwide Building Society added: “I look forward to welcoming Portman members to Nationwide. The enlarged Society will be a formidable presence on the high street, competing with the retail banks whilst retaining the benefits of a highly successful mutual. It will deliver real value to its members and provide a compelling alternative to the retail banks.”
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