[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 24 April 2007, 13:02 GMT 14:02 UK
Portman members agree merger plan
Portman branch
The Portman name is to disappear
Members of the Portman building society have voted overwhelmingly in favour of a merger with Nationwide.

The tie-up, which was backed by more than 90% of Portman shareholders, will create a lender with assets worth more than 150m and 13 million members.

Portman had promised its members a windfall payment of between 200 and 1,000 should they back the deal.

Nationwide is currently the UK's largest building society, while Bournemouth-based Portman is the third.

The deal is expected to be completed by September, and the new company will take the Nationwide name.

According to the two firms, the merger will result in a number of job cuts as the Portman's 153 branches and Nationwide's 860 outlets are combined and overlapping operations are trimmed.

Nationwide has more than 16,000 staff, and Portman currently has about 2,500 staff.

The Nationwide's head office in Swindon will become the new firm's headquarters.

When the deal was announced, Portman said its main offices in Bournemouth would be a key business centre within the enlarged society and would remain a significant employer in that region.


SEE ALSO
Portman members eye up windfall
09 Mar 07 |  Business
Nationwide and Portman to merge
12 Sep 06 |  Business
Nationwide cautious as profits up
19 May 05 |  Business
Portman to take over the Lambeth
06 Mar 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific