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Nationwide Building Society has merged with Portman Building Society.
Nationwide continues to be a mutual building society owned by and run for the benefit of its members. The merger makes the company the second largest retail mortgage lender and the second largest retail savings provider in the UK, with assets in excess of £160bn and around 13 million members.
The deal was approved in a ballot from Portman members in April this year after being announced almost a year ago.
Approximately 100 branches are set to close in areas where the two companies previously overlapped, and 900 jobs are set to be cut with some administrative duties diverted to Nationwide’s Swindon headquarters.
The merger also brings together the two specialist lending brands – UCB Home Loans and The Mortgage Works – which have been retained in a dual strategy to offer intermediaries a wider and more comprehensive choice of products and services for their clients.
Graham Beale, Nationwide’s chief executive, said: “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. Together we will use our combined strength and size to build an even stronger member owned society. We will deliver real value to our increased membership through better product pricing and excellent service and continue to provide a compelling alternative to the big retail banks.”
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