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Nationwide bids to boost broker sales after merger

Nationwide is to recruit a substantial broker salesforce to increase its share of the intermediary market.

The firm says the planned merger with Portman Building Society is due to go through on August 28. The team will report to the the newly created position of head of sales for prime intermediary lending, who has yet to be appointed.

Nationwide’s intermediary support team, which is based in Swindon, will relocate to Portman’s headquarters in Bournemouth. The specialist lending division will also be based there.

Portman group development director Matthew Wyles will become executive director of Nationwide with responsibility for non-retail business.

Wyles says: “Intermediaries are at the centre of our vision for the future. Our new broker development sales force is a key element of a three-year strategic development plan which will revolutionise Nationwide’s systems and service delivery to the intermediary mortgage market.”

Divisional director of intermediary markets Peter Leydon says: “This is evidence of Nationwide’s absolute commitment to intermediaries. We will assemble a substantial and highly effective salesforce to support the thousands of firms who want to do business with Nationwide.”

Reporting directly to Leydon will be head of corporate development Joe Rabbitt, who is head of intermediary development for Nationwide, and head of support Peter Saint Ruth, who is a senior manager within intermediary markets at Nationwide. Alongside them will be a new head of sales who has yet to be appointed.

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