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30 March 2009
Nationwide can confirm that it is has taken ownership of parts of the Dunfermline Building Society.
The accounts of around 300,000 Dunfermline members, its prime mortgage lending book and Dunfermline's head office, branches and retail sites and all related employees are now part of Nationwide. The terms of the transfer were negotiated between the Nationwide Board, Bank of England and the Treasury and take place under the provisions of the Banking Act 2009.
In a message to members Nationwide's chief executive, Graham Beale, says:
"Nationwide is in a unique position by virtue of its size and financial strength, to provide support to Dunfermline and we regard it as both responsible and commercially beneficial to undertake this transaction. The acquisition of Dunfermline's savings accounts and prime lending book further strengthens Nationwide's retail customer base and franchise. This transaction excludes high risk assets: commercial loans and some residential loans were not transferred, and the transaction will enhance the overall value to Nationwide's membership over the medium term."
More details on what this means for Dunfermline customers can be found on the Dunfermline Building Society website by using the link below:
http://www.dunfermline.com/index.aspx.
Nationwide can confirm that it is has taken ownership of parts of the Dunfermline Building Society.
The accounts of around 300,000 Dunfermline members, its prime mortgage lending book and Dunfermline's head office, branches and retail sites and all related employees are now part of Nationwide. The terms of the transfer were negotiated between the Nationwide Board, Bank of England and the Treasury and take place under the provisions of the Banking Act 2009.
In a message to members Nationwide's chief executive, Graham Beale, says:
"Nationwide is in a unique position by virtue of its size and financial strength, to provide support to Dunfermline and we regard it as both responsible and commercially beneficial to undertake this transaction. The acquisition of Dunfermline's savings accounts and prime lending book further strengthens Nationwide's retail customer base and franchise. This transaction excludes high risk assets: commercial loans and some residential loans were not transferred, and the transaction will enhance the overall value to Nationwide's membership over the medium term."
More details on what this means for Dunfermline customers can be found on the Dunfermline Building Society website by using the link below:
http://www.dunfermline.com/index.aspx.
