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Nationwide ceo Philip Williamson becomes chairman of BSA

Nationwide chief executive Philip Williamson becomes the newly elected chairman of the Building Societies Association for 2005 to 2006.

He replaces John Parker ceo of Stroud and Swindon Building Society, who has held the post for the past year.

Williamson joined Nationwide in 1991 to head up commercial lending. In 1994 he was promoted to divisional director and became chief executive in 2002.

Williamson says: “The market in which we operate is very competitive and we all need to rise to the undoubted challenges that we will face in the years ahead. There are some real opportunities for the
sector. Without shareholders, we have an inherent advantage which we must continue to drive home. People like doing business with organisations that they can trust to put them first.”


1.4bn slashed from AIG

American International Group, the world’s largest insurer, has cut 1.4bn from its net worth after detailing a list of accounting misdemeanours dating back to 2000.

Cavanagh turnover doubles

Cavanagh Group has announced an operating loss of 2.5m in its final results for the year ending December 2004. This takes into account the acquisition of Ernst & Young Financial Management. Turnover more than doubled compared to 2003 reaching 10.4m.


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