Nationwide to merge with fellow building society Portman

Nationwide announced today that it is to merge with Portman in the UK's biggest ever building society tie-up.

The enlarged society, which will be named Nationwide Building Society, will be the UK’s leading mutual organisation with total assets of more than £150 billion.

The merger is expected to become effective by the end of September 2007, subject to approval from Portman members and the British Office of Fair Trading, and confirmation by the UK Financial Services Authority.