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Dunfermline rescued by Nationwide

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by Kay Mitchell

It has been confirmed this morning that the Nationwide is to buy the Dunfermline Building Society’s branches, good loans and deposits.

It was reported over the weekend that Scotland’s largest Building Society had collapsed after last-minute rescue attempts failed.

The institution, which was established in 1869, will see Nationwide take on its 500+ staff and the brand will remain intact.

The deal, which was rushed this morning, will see more than £2 billion of retail deposits transferred to the Nationwide, as well as its 34 branches. The Treasury is to take £1 billion of commercial property lending and acquired mortgage debt.

The deal is similar to that of Bradford & Bingley, which was broken up last autumn with Spain’s Banco Santander taking on the deposit base, while the Government was left with its mortgage book.

A spokesperson for the Bank of England said “It’s business as usual for all customers and savers can be assured that their money is safe“.

Meanwhile, Graham Beale, chief executive of the Nationwide, said the deal is good news for Dunfermline members, “who are now joining the world’s largest building society.”

In the last two years, the Nationwide has acquired Portman Building Society, the Derbyshire, and Cheshire Building Society.

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News posted: March 30, 2009

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