Over 300 staff at UCB Home Loans employees face redundancy after the merger of Nationwide and Portman specialist lending businesses in August.
Nationwide plans to retain UCB and The Mortgage Works, acquired in the merger with Portman, as two separate brands but both will be based at TMW’s Bournemouth headquarters.
The move, first tipped by Money Marketing last September, will see Nationwide follow Halifax Bank of Scotland’s multiple brand strategy.
Portman group development director Matthew Wyles, who will become Nationwide executive director for non-retail business in August, says: “We want to run them both separately as well as providing econ-omies of scale. We thought we would lose market attraction if we took either of them out as both are incredibly different, with different distribution and different product offerings.”
UCB staff will move into TMW’s Bourne-mouth HQ over a two-year period from August.
Portman marketing director Andy McQueen will become Nationwide’s divisional director for specialist lending.
Portman director of intermediary sales Paul Howard will become head of sales for specialist lending, Portman director of production and operations Mark Goldman will become head of operations for specialist lending, Nationwide head of mortgages Larry Banda will move to head of marketing for specialist lending and UCB Home Loans managing director Keith Astill remains in the same role.