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Nationwide and Portman to merge Nationwide and Portman to merge
(30 minutes later)
The Nationwide and Portman building societies have announced that they are to merge, creating the UK's second-largest mortgage lender.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.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''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.
The Portman name is to disappear
"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.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".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.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.