Money News
City watchdog, the Financial Services Authority (FSA), has officially confirmed that the merger between the Nationwide and Portman building societies can proceed. The merger will become effective from August 28th - the enlarged society to be known as Nationwide Building Society.
The society will have assets in excess of £160 billion and around 13 million members. It will also be the second largest retail mortgage lender and second largest retail savings provider in the UK.
Members of the Portman voted overwhelmingly in favour of the merger in April. All eligible Portman members will receive a bonus, which will be paid within 28 days of the effective date of the merger.
Around one million qualifying shareholding members will receive a pre-tax bonus of 5.75%, subject to a minimum of £200 and a maximum of £1,000. Approximately 120,000 qualifying borrowing members will receive a pre-tax bonus of £200.
27 July 2007 © Moneyextra.com
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