Nationwide Building Society is a British mutual financial institution and the largest building society in the world with over 15 million members. 331 billion for the entire building society sector, making it larger than the remaining 44 British building nationwide forex combined.
It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK. The Co-operative Permanent, based at New Oxford House in the London Borough of Camden, changed its name to 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. In 1987, the Northampton-based 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. In 1999, Nationwide, together with various UK tabloid newspapers and media, launched a campaign against controversial cash machine fees. 160 billion and around 13 million members. Portman’s earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846. However, Nationwide ceased all operations in the Irish Republic in 2017. In 2012, the society announced that it would integrate the Cheshire, Derbyshire and 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 first to be merged in June 2014. 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.
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. On 1 October 2016, Carillion began providing services for Nationwide’s Headquarters in Swindon, ‘specifically aligned to Nationwide’s sustainability strategy’. 350 million, building on an existing partnership of nearly nine years. Its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017.
The remainder of the business closed at the end of the year. 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. 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. In the wake of the financial crisis, executive pay practices came under increasing scrutiny at Nationwide as in the rest of the financial sector. 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.