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Nationwide Building Society
Nationwide Building Society
is a British mutual financial institution and the largest building society in the world with over 15 million members. It has its headquarters in Swindon, with an office in Threadneedle Street, London, and administration centres based in Bournemouth, Northampton
Northampton
and Dunfermline. Made up of over a hundred mergers — most notably its merger with Anglia Building Society
Anglia Building Society
in 1987 and Portman Building Society in 2007 — Nationwide is now the second largest provider of household savings and mortgages in the UK. It also has a 7.7% market share of current accounts and was ranked number one for customer service satisfaction amongst its high street peer group for the three months ending 31 March 2016.[1][2] For the financial year 2015/2016, Nationwide had assets of around £208.9 billion [1] compared to £331 billion for the entire building society sector,[3] making it larger than the remaining 44 British building societies combined.[needs update] It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK.[4] In 2016 Nationwide appeared 3rd in The Sunday Times
The Sunday Times
'Top 25 Big Companies To Work For' poll,[5] up from 6th in 2015.

Contents

1 History 2 Mutual status 3 Controversies 4 Products and services 5 Financial performance 6 Credit rating 7 Subsidiaries 8 Key people 9 See also 10 References 11 External links

History[edit] The Society's origins lie in the Northampton
Northampton
Town & County Freehold Land Society (1848) and the Southern Co-operative Permanent Building Society, London (1884). The Co-operative Permanent, based at New Oxford House in the London Borough of Camden, changed its name to Nationwide Building Society
Nationwide Building Society
in 1970, reflecting an organisation that had coverage throughout the country, after a decision by the British Co-operative Union in August 1970. The new name was put to a member vote, with members voting 135,675 to 15,585 in favour.[6]

Former logo as Nationwide Anglia Building Society

In 1987, the Northampton-based Anglia Building Society
Anglia Building Society
merged with Nationwide. The new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1992. Nationwide launched an early UK internet banking service on 27 May 1997.[7] In 1999, Nationwide, together with various UK tabloid newspapers and media, launched a campaign against controversial cash machine fees. The campaign reached a peak when Barclays Bank
Barclays Bank
announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned cash machine. This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the LINK network of cash machines, which the bank had joined earlier in the year. The following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK. Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire
Wiltshire
in 1846. In the financial crisis of 2007–2008, the Nationwide acted to safeguard the mutual sector, acquiring the ailing Cheshire and Derbyshire building societies in September 2008,[8] followed by the Dunfermline
Dunfermline
Building Society on 30 March 2009.[9] On 24 March 2009 Nationwide opened a direct savings branch in Dublin, Ireland called Nationwide UK (Ireland), to distinguish it from the unconnected and now-defunct Irish Nationwide Building Society.[10] In 2012, the society announced that it would integrate the Cheshire, Derbyshire and Dunfermline
Dunfermline
building societies into Nationwide. The societies had operated under their own brands as divisions of the society. The rebranding of each business was phased, with the Dunfermline
Dunfermline
first to be merged in June 2014.[11][12] The Cheshire and Derbyshire followed in October and November 2014 respectively. On 22 May 2015, it was announced that the Society's Chief Executive, Graham Beale, intended to retire. On 16 November 2015, Nationwide announced that Joe Garner, CEO of Openreach, would succeed Graham as Nationwide CEO in Spring 2016.[13] Joe Garner joined the Society as Chief Executive on 5 April 2016. In May 2016, the society confirmed that it would be closing its subsidiary on the Isle of Man, Nationwide International, following a review of its business.[14] The branch, based in Douglas, provided a range of offshore savings accounts in euros, pound sterling and US dollars. It held assets in excess of £2.76 billion as at 31 March 2008, increasing to £3.69 billion by 31 March 2009, making it one of the largest deposit takers in the Isle of Man. Nationwide confirmed it would close on 30 June 2017.[15] On 1 October 2016, Carillion
Carillion
began providing services for Nationwide’s Headquarters in Swindon, 'specifically aligned to Nationwide’s sustainability strategy'. This contract is expected to be worth approximately £350 million, building on an existing partnership of nearly nine years.[16] In April 2017, the society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK (Ireland), following a review of its business.[17] Its branch at 13 Merrion Row, Dublin
Dublin
2 closed on 31 May 2017. The remainder of the business closed at the end of the year. Mutual status[edit] Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders. However, it has had challenges against its mutual status in the past. Nationwide was by far the largest British building society that did not convert to a bank in the wave of demutualisations that occurred from the late 1980s to the late 1990s. In 1998, society members seeking a windfall, branded as carpetbaggers by the UK media, meant Nationwide members had to vote on whether to demutualise the society and float on the London Stock Exchange. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £1,500 each, as Nationwide members voted by a narrow margin of 33,700 against converting the building society into a bank.[18] Society members again proposed a resolution in 2001 for another vote by Nationwide members to convert the society to a bank. The resolution was rejected by the Nationwide board on legal grounds.[19] Controversies[edit] In the wake of the financial crisis, executive pay practices came under increasing scrutiny at Nationwide as in the rest of the financial sector. The Building Society Members' Association began to campaign against acceptance of remuneration reports at AGMs in 2009,[20] and with the CEO's compensation rising 45% to £2.25 million by 2012[21] the board's levels of pay attracted criticism on This is Money[22] , The Guardian,[23] and The Huffington Post.[24] Products and services[edit]

A branch of Nationwide in Southampton

Nationwide Building Society
Nationwide Building Society
provides financial services both directly, and through around 700 branches. Nationwide is a major provider of both mortgage loans and savings in the UK, as well as personal banking such as loans, credit cards, bank accounts and insurance products. Financial performance[edit] For the 2015/2016 Preliminary Results (April 2015–April 2016), underlying profits were up 9% to £1.337 billion, while statutory profits rose by 23% to £1.279 billion. Cost income ratio was 53.9%.[1] Common Equity Tier 1 and leverage ratios improved to 23.2% and 4.2%. Gross and net lending were at £32.6 billion and £9.1 billion respectively. Nationwide helped 57,200 people buy their first home. Member deposits increased by £6.3 billion.[25] Credit rating[edit] Nationwide's long term credit rating, as of February 2016, was A1 with Moody's, A with Standard & Poor's and A with Fitch Ratings.[26] Subsidiaries[edit] Nationwide also owns several subsidiary companies,[27] including:

Nationwide International
Nationwide International
Limited – offshore deposit taker Nationwide Syndications Limited – syndicated lending The Mortgage Works (UK) plc – specialised mortgage lender UCB Home Loans
Loans
Corporation Limited – specialised mortgage lender Derbyshire Home Loans
Loans
Limited – specialised mortgage lender E-MEX Home Funding Limited – specialised mortgage lender

Key people[edit]

David Roberts - Chairman Joe Garner - Chief Executive Tony Prestedge - Chief Operating Officer Mark Rennison - Group Finance Director Chris Rhodes - Executive Director, Group Retail Sara Bennison - Chief Marketing Officer Julia Dunn - Chief Compliance Officer & Chief Risk Officer Graeme Hughes - Group Director (Distribution) Alison Robb - Group Director (People, Customer, Communications & Commercial)

See also[edit]

Nationwide Group Staff Union

References[edit]

^ a b c Mark Rennison – Group Finance Director (23 May 2016). Preliminary Results for the year ended 4 April 2016 (PDF) (Report). Nationwide Building Society. Retrieved 27 October 2017.  ^ Interim Results for the period ended 30 September 2017 (PDF) (Report). Nationwide Building Society.  ^ "Key Stats". Building Societies Association.  ^ "Our History". Nationwide Building Society. Archived from the original on 22 January 2014. Retrieved 16 November 2015.  ^ Dominic O'Connell (26 February 2016). " The Sunday Times
The Sunday Times
100 Best Companies". The Sunday Times. Retrieved 5 March 2016.  ^ " Nationwide Building Society
Nationwide Building Society
Timeline 1970". Facebook. Archived from the original on 28 October 2013. Retrieved 16 November 2015.  ^ "Nationwide Celebrates Ten Years of Internet Banking". Nationwide Building Society. 22 May 2007. Archived from the original on 27 September 2007. Retrieved 16 November 2015.  ^ "Nationwide rescues small lenders". BBC News. 8 September 2008. Retrieved 3 March 2013.  ^ "Nationwide takes over Dunfermline". BBC News. 30 March 2009. Retrieved 3 March 2013.  ^ "World's largest Building Society opens for business in Ireland". Nationwide Building Society. 24 March 2009. Archived from the original on 28 April 2009. Retrieved 3 March 2013.  ^ Nationwide Building Society
Nationwide Building Society
(20 March 2014). "Regional Brands integration". Nationwide Building Society. Archived from the original on 16 November 2015. Retrieved 16 November 2015.  ^ " Dunfermline
Dunfermline
to be merged with Nationwide". BBC News. 24 October 2013. Retrieved 24 October 2013.  ^ " Nationwide Building Society
Nationwide Building Society
appoints Joe Garner as Chief Executive" (Press release). 16 November 2015. Archived from the original on 8 May 2016.  ^ "70 jobs at risk as building society closes". Manx Radio. 26 May 2016. Retrieved 3 April 2017.  ^ Matin, Moonira (17 January 2017). "Nationwide to close Isle of Man offshore expat unit". International Adviser. Retrieved 3 April 2017.  ^ " Carillion
Carillion
wins £350 million support services contract for Nationwide Building Society". Carillion
Carillion
PLC. Retrieved 2018-01-16.  ^ "Savers may suffer as Nationwide UK set to leave Irish market". Irish Times. 10 April 2017. Retrieved 29 April 2017.  ^ "Business: The Company File
File
Conversion rejected". BBC News. 23 July 1998. Retrieved 3 March 2013.  ^ Rupert Jones (21 April 2001). "Blow for carpetbaggers". The Guardian. Retrieved 16 November 2015.  ^ Alan Debenham. "Building Societies Members' Association - Nationwide Building Society". Archived from the original on 22 June 2013. Retrieved 29 June 2013.  ^ Patrick Collinson (22 June 2012). "Nationwide scales up on executive pay". The Guardian. Retrieved 29 June 2013.  ^ James Salmon (25 June 2013). "Nationwide faces day of reckoning as it grapples with £1bn black hole - and lavishes seven-figure sums on top brass". This Is Money. Retrieved 29 June 2013.  ^ Patrick Collinson (22 June 2012). "Nationwide scales up on executive pay". The Guardian. Retrieved 29 June 2013.  ^ Asa K Cusack (25 June 2013). "Nationwide Executive Pay Is a Disgrace to Mutualism: Fight Back at the AGM!". The Huffington Post. Retrieved 29 June 2013.  ^ " Nationwide Building Society
Nationwide Building Society
Full Year Results: Long term focus drives strong performance".  ^ "Investor Relations Introduction - Nationwide". www.nationwide.co.uk. Retrieved 27 October 2017.  ^ "All About Nationwide Membership". Nationwide Building Society. Archived from the original on 31 August 2006. Retrieved 16 November 2015. 

External links[edit]

Wikimedia Commons has media related to Nationwide Building Society.

Official website Nationwide Commercial Nationwide International Nationwide UK (Ireland)

v t e

Nationwide Building Society

Divisions and subsidiaries

Derbyshire Building Society The Mortgage Works Nationwide International Nationwide UK (Ireland) UCB Home Loans

Trade union

Nationwide Group Staff Union

v t e

Independent building societies in the United Kingdom

Bath Beverley Buckinghamshire Cambridge Chorley Coventry Cumberland Darlington Dudley Earl Shilton Ecology Furness Hanley Economic Harpenden Hinckley and Rugby Holmesdale Ipswich Leeds Leek United Loughborough Manchester Mansfield Market Harborough Marsden Melton Monmouthshire National Counties Nationwide Newbury Newcastle Nottingham Penrith Principality Progressive Saffron Scottish Skipton Stafford Railway Swansea Teachers Tipton & Coseley Vernon West Bromwich Yorkshire

v t e

Building Societies in the Republic of Ireland

Subsidiary

Leeds Building Society
Leeds Building Society
Ireland

Demutualised

First National ICS (now part of Bank
Bank
of Ireland) Irish Permanent EBS (a subsidiary of Allied Irish Banks) Irish Nationwide (merged into Irish Bank
Bank
Resolution Corporation)

v t e

Great Recession

By region

Africa Americas

United States South America

Asia Europe Oceania

United States-specific

Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis

Banking
Banking
losses and fraud

Anglo Irish Bank
Bank
hidden loans controversy Libor scandal

Tom Hayes

Société Générale trading loss Forex scandal Seán FitzPatrick Bernard Madoff Tom Petters Scott W. Rothstein Allen Stanford

Government entities

Consumer Financial Protection Bureau Federal Deposit Insurance Corporation Federal Home Loan Banks Federal Housing Administration Federal Housing Finance Agency Federal Housing Finance Board Federal Reserve System Government National Mortgage Association Irish Bank
Bank
Resolution Corporation National Asset Management Agency Office of Federal Housing Enterprise Oversight Office of Financial Stability UK Financial Investments

Government policy and spending responses

Banking
Banking
and finance stability and reform

Anglo Irish Bank
Bank
Corporation Act 2009 Banking
Banking
( Special
Special
Provisions) Act 2008 China–Japan–South Korea trilateral summit Commercial Paper Funding Facility Dodd–Frank Wall Street Reform and Consumer Protection Act Emergency Economic Stabilization Act of 2008 Irish emergency budget, 2009 Irish budget, 2010 Irish budget, 2011 Irish budget, 2012 Irish budget, 2013 Temporary Liquidity Guarantee Program Term Asset-Backed Securities Loan Facility Troubled Asset Relief Program 2008 United Kingdom
United Kingdom
bank rescue package

Bank
Bank
stress tests

EU U.S.

Stimulus and recovery

2008 European Union stimulus plan 2008–09 Keynesian resurgence American Recovery and Reinvestment Act of 2009 Chinese economic stimulus program Economic Stimulus Act of 2008 Fraud Enforcement and Recovery Act of 2009 Green New Deal Housing and Economic Recovery Act of 2008 National fiscal policy response to the Great Recession Zero interest-rate policy

Government interventions, rescues, and acquisitions

List of banks acquired or bankrupted during the Great Recession

Non-banking

Chrysler General Motors

Securities involved and financial markets

Auction rate securities Collateralized debt obligations Collateralized mortgage obligations Credit default swaps Mortgage-backed securities Secondary mortgage market

Social responses

Tea Party protests
Tea Party protests
(United States; c. 2009) May Day protests (Europe, Middle East and North Africa, Asia; 2009) Occupy movement
Occupy movement
(worldwide)

Related topics

2000s energy crisis

Central Asia: 2008

Effects on museums Decline of newspapers World food price crisis

European debt crisis Financial crisis of 2007–08 List of countr

.