Nationwide confirms merger talks
Nationwide confirms merger talks
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Sunday, 07, Sep 2008 05:54
Nationwide has confirmed it is in merger talks with The Derbyshire and The Cheshire building societies.
The UK's largest building society said in a statement it is in "advanced discussions" with its smaller rivals.
Swindon-based Nationwide made the announcement after the Sunday Telegraph reported on the deal.
In a statement, Nationwide said: "Further to coverage in today’s media, the board of Nationwide Building Society can confirm that it is in advanced discussions with The Derbyshire and The Cheshire Building Societies over the terms of independent and proposed mergers.
"Further announcements will be made once those discussions have concluded."
Last year, Nationwide took over Portman building society, creating the second largest retail mortgage lender and the second largest retail savings provider in the UK.
The combined group now has assets of around £179 billion.
The Telegraph said the Derbyshire talks were more advanced than those of The Cheshire Building Society.