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Portman urges members to approve Nationwide takeover

Portman Building Society has once again urged members to ratify its takeover by Nationwide as it distributes 1.2 million merger booklet packs before its April AGM.

The Portman merger booklet pack will cover AGM resolutions and voting, the merger process, bonus details for Portman members, director changes, impact on Portman staff and financial information on both societies.

Portman chief executive Robert Sharpe says: “Merging two of the largest and most successful building societies will create a mutual of impressive strength and size in the UK retail mortgage and savings market. I believe this is a great deal for Portman members.

“They will enjoy an ongoing interest in the enlarged society and will benefit from a greatly increased branch network spanning the country. They will also have access to a wider range of attractively priced products, together with more comprehensive telephone and internet banking services. Qualifying members will receive a pre-tax merger bonus of between £200 and £1,000, if they are a saver, and £200 if they are a borrower.”

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