About Nationwide Building Society
Their origins lie in the Dover Building Society and the
Provident Union Building Society established in Wiltshire (1846), the
Northampton Town & County Freehold Land Society (1848) and the Co-operative
Permanent, London (1884). In 1970, the name 'Nationwide Building Society' had
been suggested as a new name. The Society's board wanted a name to reflect an
organisation that had coverage throughout the country, was strong and one that
had no political overtones. The new name was put to a member vote, with members
voting 135,675 to 15,585 in favour of Nationwide. In 2008 financial issues
faced both The Cheshire and The Derbyshire building societies. A prudent and
pre-emptive action was then taken to merge the societies with the Nationwide
Group, with both being run as Nationwide regional franchise brands. In 2009
with the Dunfermline Building Society in financial trouble Nationwide acquired
The Dunfermline's savings accounts and prime lending book on 30 March 2009,
excluding itself from high-risk assets.
Nationwide Building Society Information.
Head Office - Nationwide Building Society, Nationwide
House, Pipers Way, Swindon, SN38 1NW.
Branch Offices –
No. of branches: Approx. 800 (inc. Derbyshire Building
Society, Cheshire Building Society & Dunfermline branches)
Savings Accounts – Savings accounts include MySave
Online Plus, e-Savings Plus, Monthly Income 60+, InvestDirect, e-ISA, Champion
ISA, Instant Access ISA, Regular Savings, 1 Year Fixed Rate ISA , 3 Year Fixed
Rate ISA, Champion Saver, Tracker e-Bond, e-Bond, 18 Month e-Bond, 2 Year
e-Bond, 1 Year Fixed Rate Bond and Treasurers’ Trust offering instant access
savings account for clubs, societies and charities.
Mortgage Accounts – Mortgages are available for first
time buyers, new customers and existing customers. Mortgage types include fixed
rate, trackers, standard variable rate, interest only and from time to time
special offers.
Insurance – Home
Insurance, Car Insurance, Travel Insurance, Buy to Let Insurance, Life
Insurance, Over 50 Life Insurance.
Other Services – Current Accounts, FlexAccount, Credit
Card, Loans and Investment Funds.
Financial Results Year Ended 04/04/2011
For the year they made a loss after tax of £248,000,000
(£264,000,000).
Mortgage Lending - Impairment charge on loans and
advances to customers reduced by 35% to £359 million (2010: £549 million)
reflecting their consistent and prudent lending strategy. Within this,
commercial property impairment charges down 41% to £175 million (2010: £299
million). Over the year they provided mortgages that allowed over 17,200 people
to buy their first property, representing a market share of 9.1%. they have
aimed to provide a consistently good value range of mortgages for all new and
existing customers, but with a commitment to provide the best deals to their
existing loyal customers. This enabled them to support the market with total
gross lending of £12.8 billion (2010: £12.0 billion), gaining a market share of
9.5%. Whilst the average loan to value (LTV ) of new residential lending has
increased slightly year on year, overall it remains very low at 66% (2010:
63%), with the indexed LTV for the whole residential portfolio remaining
relatively static at 49% (2010: 48%). Less than 1.4% of new residential lending during the year was
written at LTV s in excess of 90%.The number of properties taken into
possession during the year, 1,264 (2010: 1,280) relating to Nationwide originated
lending representing only 3.58% (2010: 2.84% restated by CML ) of properties
taken in by the industry as a whole.
Savings – A growth in retail savings
balances of £1.6 billion, compared with a net reduction of £7.3 billion in the previous year. Similarly, total net
receipts for the Group were £0.6 billion, compared with an outflow of £8.2
billion last year. During the year they opened 353,000 new current
accounts, an increase of 118% on the previous year, and their estimated market
share of main accounts is now around 6.1%. Over 560,000 new general insurance
covers were sold during the year and over 313,000 investment and protection
products were sold during the year and now they have in excess of £5 billion of
investment assets under administration.They also extended their relationship
with Legal & General to provide access for their customers to unit trust
and life protection products.
Nationwide Building Society Directors
Executive Directors – G J Beale, T P Prestedge, M M
Rennison, C S Rhodes, D J Rigney and M P V Wyles
Non Executive Directors G M T Howe, Mrs S J David, A P
Dickinson, M K Jary, R K Perkin, D A Ross, Ms S Taverne W Tudor John and R P
Walther.
Membership Numbers – The Nationwide Building Society has approx 1.4 million borrowing members and
15 million investing (saving) members.
Other information – website nationwide.co.uk.
