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Nationwide and Portman boards agree to merger

The boards of Nationwide and Portman Building Societies have agreed to the biggest ever building society merger that will give the enlarged society total assets of over 150bn.

Subject to regulatory and members’ approval, the merger is expected to complete by the end of September 2007 and will see current Nationwide group finance director Graham Beale step up to the chief executive role on April 1 next year.

Current Nationwide chief executive Philip Williamson and Portman chief executive Robert Sharpe will continue in their current roles for now.

Philip Williamson says: “This is great news for members of both societies. As a result of the merger 13 million people will be members of a bigger and even better society, offering market leading products and pricing, underpinned by a strong commitment to mutuality.”


This week in Mortgages

There’s only one place to start this week and that is the shock merger of Nationwide and Portman.

Sipp exemption for student residences

Investors in student halls of residence can put their property in a Sipp but HM Revenue and Customs has laid down strict criteria to avoid exploitation. Following the Chancellor’s last-minute decision to ban residential property in Sipps, the Finance Act 2006 included an exemption for “a hall of residence for students”. The exemption caused some […]

Barcode slashes re-reg time

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Reits of passage

Campaign chairman Patrick Sumner is spreading the word on Reits and is confident IFAs will take up the products


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