This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/5337310.stm

The article has changed 9 times. There is an RSS feed of changes available.

Version 0 Version 1
Nationwide and Portman to merge Nationwide and Portman to merge
(10 minutes later)
The Nationwide and Portman building societies have announced that they are to merge, creating a mutual body with assets of more than £150bn.The Nationwide and Portman building societies have announced that they are to merge, creating a mutual body with assets of more than £150bn.
The merged society will take the Nationwide name, with the deal expected to be completed by September 2007.The merged society will take the Nationwide name, with the deal expected to be completed by September 2007.
Nationwide is currently the UK's largest building society, while Portman is the third biggest.Nationwide is currently the UK's largest building society, while Portman is the third biggest.
Joining together they will have more than 800 branches across the UK and more than 13 million members.Joining together they will have more than 800 branches across the UK and more than 13 million members.
The merged group will also become the UK's second largest mortgage lender, and the second largest retailer savings provider.The merged group will also become the UK's second largest mortgage lender, and the second largest retailer savings provider.
It will continue as a mutual society owned and run for the benefit of its members.
'Great news''Great news'
"This is great news for members of both societies," said Nationwide's current chief executive Philip Williamson."This is great news for members of both societies," said Nationwide's current chief executive Philip Williamson.
"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.""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."
Nationwide's group finance director, Graham Beale, is due to become chief executive of Nationwide next April.Nationwide's group finance director, Graham Beale, is due to become chief executive of Nationwide next April.
He will then take up the top position of the combined group following the completion of the merger.He will then take up the top position of the combined group following the completion of the merger.
The merger still requires confirmation by the Financial Services Authority and approval by the Office of Fair Trading.The merger still requires confirmation by the Financial Services Authority and approval by the Office of Fair Trading.