<p>Nationwide will continue to operate as a mutual building society owned by and run for the benefit of its members. However, following the merger, Nationwide has now become the second largest retail mortgage lender and the second largest retail savings provider in the UK, with around 13 million members. <br /><br />In addition, the enlarged society now has more than 900 retail outlets and around 19,000 employees to serve the needs of the increased membership. Furthermore, the merger also brings together the two specialist lending brands – UCB Home Loans and The Mortgage Works – which are being retained in a dual strategy to offer intermediaries a wider and more comprehensive choice of products and services for their clients.<br /><br />Graham Beale, Nationwide&#0039;s chief executive, said: Today marks the start of an exciting new chapter in Nationwide&#0039;s history. The completion of our merger with Portman is a major step forward for us and will underpin our future success. I&#0039;m pleased to welcome Portman&#0039;s members and employees to Nationwide. Together we will use our combined strength and size to build an even stronger member-owned society. We will deliver real value to our increased membership through better product pricing and excellent service and continue to provide a compelling alternative to the big retail banks.</p>