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08/09/2008
Nationwide Merges With Two Building Societies
Nationwide Building Society has announced that it will merge with The Derbyshire Building Society and The Cheshire Building Society, who will transfer into the Nationwide Group by way of two separate transactions.
These are prudent and pre-emptive actions taken independently by the Boards of The Derbyshire and The Cheshire following the identification of financial issues faced by both Societies. The transactions represent an important step in maintaining a strong mutual sector in the UK, with Nationwide's pre-eminent position and financial strength providing a solid foundation for the future.
These transactions bring The Derbyshire and The Cheshire's combined circa 925,000 members the benefits and security of membership of Nationwide, and create a society with assets totalling more than £191 billion and £122 billion of retail deposits.
Commenting on the mergers, Graham Beale, Nationwide's Chief Executive, said: "The Derbyshire and The Cheshire have independently concluded that a merger with Nationwide is in the best interests of their savers and borrowers given the financial issues faced by both societies. The core member businesses of both societies are in good shape and have a better future as part of a larger organisation.
"Nationwide is in a unique position because of its size and financial strength to provide support, and we regard it as both responsible and commercially beneficial to undertake these mergers."
(CD/JM)
These are prudent and pre-emptive actions taken independently by the Boards of The Derbyshire and The Cheshire following the identification of financial issues faced by both Societies. The transactions represent an important step in maintaining a strong mutual sector in the UK, with Nationwide's pre-eminent position and financial strength providing a solid foundation for the future.
These transactions bring The Derbyshire and The Cheshire's combined circa 925,000 members the benefits and security of membership of Nationwide, and create a society with assets totalling more than £191 billion and £122 billion of retail deposits.
Commenting on the mergers, Graham Beale, Nationwide's Chief Executive, said: "The Derbyshire and The Cheshire have independently concluded that a merger with Nationwide is in the best interests of their savers and borrowers given the financial issues faced by both societies. The core member businesses of both societies are in good shape and have a better future as part of a larger organisation.
"Nationwide is in a unique position because of its size and financial strength to provide support, and we regard it as both responsible and commercially beneficial to undertake these mergers."
(CD/JM)
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