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| Version 1 | Version 2 |
|---|---|
| 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 the UK's second-largest mortgage lender. | |
| 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 societies said the new body - which will have assets of more than £150bn - would continue as a mutual society, owned and run for the benefit of its members. | |
| 'Even better society' | |
| "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." |
| The Nationwide's existing head office in Swindon will become the head office of the enlarged society. | |
| Portman's current head office in Bournemouth will become "a key business centre within the enlarged society and will remain a significant employer in that region". | |
| A spokesman for Nationwide said it was too early to say whether there would be any job losses. | |
| 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. |