Nationwide Building Society will become the second-biggest mortgage lender in the UK once its merger with Portman is finalised next year.It will leapfrog Abbey and Lloyds TSB in the pack behind runaway leader HBOS at the top of the mortgage lending league. The merger between Nationwide and Portman is expected to be completed in September 2007, creating a giant with combined assets of 150bn. It will use the Nationwide name, with the Portman brand disappearing. The combined group will have over 880 branches, with the Portman branches rebranded. Nationwide finance director Graham Beale will become chief executive on April 1, 2007, after the retirement of Nationwide CEO Philip Will-iamson. Williamson is credited by many in the industry with reviving the society’s fortunes over recent years. Portman CEO Robert Sharpe, who steered a successful merger with the Staffordshire Building Society in 2003, will retire next year, leaving Beale in charge of the merged group. Portman is due to merge with Lambeth Building Society at the end of September. Williamson says: “I know that we can be in an even stronger position to provide our members with better product pricing.” Both firms have pledged to keep job losses to a minimum although there will be cuts where there is duplication. Nationwide says it has a turnover of around 1,000 staff a year and hopes the majority of cuts will come through natural wastage. Nationwide’s Swindon head office will be the headquarters for the new operation and Portman’s Bournemouth hub is likely to be the centre for intermediary and specialist lending, Nationwide’s Northamp- ton office is likely to retain its admin role.
We need to fight off the threats to alternatively secured pensions
I have just returned from holiday and was interested to read the comments of Julian Stevens, Searching in vain for a true professional. I can relate to the proposition that Julian finds himself in. Having considered the position and approached the way he did, I may have also tried the opposite approach – find the […]
MitonOptimal’s CF global portfolio has bought in to the Axa Framlington health fund as it aims to reduce its 33 per cent weighting in cash. Fund managers Sam Liddle and Martin Gray are still wary of market sentiment but they have started buying in areas that are likely to be less sensitive to an economic […]
A strange development occurred in the oil market last week. With prices easing as fears of further disruption in the Gulf of Mexico receded and with a potentially major new find in that region, the price of Texas crude was actually lower than at the same time last year. This was the first time this had happened for more than two and a half years.
Join Trevor Greetham, Head of Multi Asset at Royal London Asset Management (RLAM), for a webinar on 30 March at 2pm. During the update, Trevor will consider how various asset types have fared in 2017 and offer his outlook, using the Investment Clock model to illustrate his views. Find out more here
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