Nationwide prepares for Ireland expansion

Building society Nationwide today signalled its intention to start operations in the Irish Republic.

The group said it will initially offer savings accounts by post, phone and online – subject to approval from regulators in the UK and Ireland.

Nationwide, which has no immediate plans for a branch network, may consider offering mortgages in the future.

The UK’s second biggest savings provider said it was a “prudent strategic move” which will diversify its geographical operations and funding opportunities.

As well as extending its reach for retail savings, the eurozone presence opens up a potential line of funding through initiatives by the European Central Bank.

Nationwide said it hoped to start offering accounts by next spring.

It added: “A further announcement will be made, once approval has been given by the Financial Services Authority and the Irish Financial Services Regulatory Authority, prior to the initial launch of the operation.”