Nationwide and Portman merge

Nationwide Building Society has announced that from 28 August, it has successfully merged with Portman Building Society. 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 13 million, while its assets now exceed £160 billion.

The newly merged group has more than 900 retail outlets giving members access to an extensive network of branches and agencies. It has approximately 19,000 employees dedicated to servicing the financial needs of the increased membership, who can benefit from a wider and more comprehensive choice of products and services.

A spokesperson for the Nationwide described the merger as an exciting new phase in the company’s history and that the completion of the merger with Portman is a major step forward.

The spokesperson concluded that the strength and size of the two groups would combine to create a stronger member-owned society.

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