Nationwide members vote to sell society

MEMBERS of the Irish Nationwide Building Society (INBS) last night voted to begin the process of demutualisation immediately and instigate sale of the institution as soon as legislation to clear any deal is published.

At yesterday's annual general meeting of the society members voted overwhelmingly to a resolution, put forward by the board, of accepting demutualisation in an "orderly fashion." Just over 12,600 shareholders voted in favour of the resolution, with 1,461 against.

A separate motion, proposed by Brendan Burgess and Shane Hogan, to begin the process by the end of the year, was also carried.