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| Version 0 | Version 1 |
|---|---|
| Nationwide will merge with rivals | Nationwide will merge with rivals |
| (10 minutes later) | |
| The Nationwide Building Society has said it will merge with two of its smaller rivals, the Derbyshire and Cheshire Building Societies. | The Nationwide Building Society has said it will merge with two of its smaller rivals, the Derbyshire and Cheshire Building Societies. |
| The Nationwide, the UK's biggest mutual lender with 14 million members, is to step in to support the two firms with the approval of financial regulators. | The Nationwide, the UK's biggest mutual lender with 14 million members, is to step in to support the two firms with the approval of financial regulators. |
| Smaller lenders are under growing pressure due to the credit crunch. | Smaller lenders are under growing pressure due to the credit crunch. |
| The BBC's Business Editor Robert Peston said members of the two smaller firms would not get any windfall payments. | The BBC's Business Editor Robert Peston said members of the two smaller firms would not get any windfall payments. |
| The Derbyshire and Cheshire had separately approached the Nationwide to help them survive the tough economic climate. | |
| Both firms said they expected to make a loss in the first six months of 2008 as a result of the declining UK property market. | |
| The Derbyshire has assets of £7.1bn, 50 branches and 485,000 members. The Cheshire has assets of £4.9bn, 45 branches and more than 440,000 members. |