Nationwide prepares ground for Irish operation

Nationwide Building Society has announced that it is putting plans in place to operate in the Irish Republic.

Nationwide intends to set up an operation subject to approval from the Financial Services Authority (FSA) and the Irish Financial Services Regulatory Authority (IFSRA), which will initially offer savings products by post, phone and online.

This is a prudent strategic move by the Society that will enable Nationwide, the UK's second largest savings provider, to further diversify its geographical operations and funding opportunities in the Irish Republic. The Society already has one of the strongest balance sheets in UK financial services in terms of its construct and its quality.

A further announcement will be made, once approval has been given by the FSA and the IFSRA, prior to the initial launch of the operation.