Nationwide Building Society has taken ownership of Dunfermline Building Society’s core assets which were transferred to Nationwide under a statutory instrument made under the provisions of the Banking Act 2009.
The assets acquired by Nationwide are: Dunfermline’s GBP2.35 billion of retail deposits, representing the accounts of approximately 300,000 members; Dunfermline’s 34 branches and retail sites, and all related employees, plus Dunfermline’s head office at Dunfermline; and Dunfermline’s GBP1.02 billion prime mortgage lending book.
According to Nationwide, the acquisition of Dunfermline’s savings accounts and prime lending book further strengthens Nationwide’s retail customer base and franchise.
The business acquired will continue to trade as Dunfermline Building Society and will complement the other regional brands operating in Nationwide’s group namely Cheshire Building Society and Derbyshire Building Society. This acquisition allows Nationwide to operate at a national and local level and recognises the goodwill attached to regional building societies, added Nationwide.
The combined business of Nationwide and Dunfermline will have around 900 branches with a geographical spread across the UK.
Graham Beale, CEO of Nationwide, said: This is good news for the members of Dunfermline who are now joining the world’s largest building society. As members of a solid, stable and dependable organisation, members of Dunfermline can be assured that their savings are safe. This transaction will enhance Nationwide’s ability to operate nationally and locally, while recognising the goodwill attached to a historic and important Scottish brand.
