Nationwide merges with Portman

Nationwide Building Society has confirmed that from today, 28 August, it has successfully 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 Nationwide the second largest retail mortgage lender and the second largest retail savings provider in the UK, with assets in excess of #160 billion and around 13 million members.

The enlarged society has over 900 retail outlets giving members access to an extensive network of branches and agencies. It has around 19,000 employees dedicated to servicing the financial needs of the increased membership, who can benefit from a wide range of attractively priced products and services offering consistent good value.

The merger also brings together the two specialist lending brands - UCB Home Loans and The Mortgage Works - which are being 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."