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.”