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| image = |
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| image_caption = Nationwide Head Office, Swindon, Wiltshire |
| image_caption = Nationwide Head Office, Swindon, Wiltshire |
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| trading_name = {{Ubl |
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| Nationwide Building Society (2001–present) |
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| Hearth (2023–present)<ref name="FCA">{{Cite web |title=Nationwide Building Society |url=https://register.fca.org.uk/s/firm?id=001b000000MfFYOAA3 |access-date=2023-07-26 |website=[[Financial Conduct Authority]]}}</ref> |
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}} |
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| type = [[Building society]], ([[Mutual organization|mutual]]) |
| type = [[Building society]], ([[Mutual organization|mutual]]) |
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| traded_as = |
| traded_as = |
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| Cheshire Building Society (2009–2023) |
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| Dunfermline Direct (2009–2023) |
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| Dunfermline Building Society (2009–2023) |
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| The Derbyshire (2012–2023) |
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| Nationwide Financial Solutions (2012–2022) |
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| KPR Debt Collection (2013–2014) |
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| Nationwide International (2014–2014; 2014–2023) |
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| Nationwide for Business (2019–2019; 2019–2022)<ref name="FCA" /> |
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}} |
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| foundation = {{Start date and years ago|df=yes|1884}} |
| foundation = {{Start date and years ago|df=yes|1884}} |
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| location = [[Swindon]], England |
| location = [[Swindon]], England |
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| [[Debbie Crosbie]] {{small|(chief executive)}} |
| [[Debbie Crosbie]] {{small|(chief executive)}} |
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}} |
}} |
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| num_employees = 17, |
| num_employees = {{Unbulleted list|{{DecreaseNeutral}} 17,686 (2022)|18,644 (2021)}} |
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| industry = [[Banking]] and [[financial services]] |
| industry = [[Banking]] and [[financial services]] |
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| products = {{Flatlist| |
| products = {{Flatlist| |
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'''Nationwide Building Society''' |
'''Nationwide Building Society''' is a British [[mutual organisation|mutual]] financial institution, the seventh largest [[co-operative banking|cooperative financial institution]]<ref>{{cite report|url=https://www.ica.coop/sites/default/files/basic-page-attachments/global300-report-2011-1757377405.pdf|title=Global300 Report 2010: The world's major co-operatives and mutual businesses|publisher=International Co-operative Alliance|date=|access-date=29 November 2018|archive-date=13 August 2021|archive-url=https://web.archive.org/web/20210813153010/https://www.ica.coop/sites/default/files/basic-page-attachments/global300-report-2011-1757377405.pdf|url-status=dead}}</ref> and the largest [[building society]] in the world with over 16 million members.<ref>{{cite web |url=https://www.computerweekly.com/news/252511040/Nationwide-Building-Society-moves-website-to-Azure-cloud |title=Nationwide Building Society moves website to Azure cloud |date=16 December 2021 |website=[[Computer Weekly]] |first=Karl |last=Flinders}}</ref> Its headquarters are in [[Swindon]], England. |
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Nationwide is made up of around 250 different building societies. Among the most significant mergers were those with the [[Anglia Building Society]] in 1987 and the [[Portman Building Society]] in 2007. It is now the second largest provider of household [[savings]] and [[mortgages]] in the UK and has a 10.3% market share of [[Current account (banking)|current accounts]] for the 2021/2022 financial year.{{r|AR|page=15}} |
Nationwide is made up of around 250 different building societies. Among the most significant mergers were those with the [[Anglia Building Society]] in 1987 and the [[Portman Building Society]] in 2007. It is now the second largest provider of household [[savings]] and [[mortgages]] in the UK and has a 10.3% market share of [[Current account (banking)|current accounts]] for the 2021/2022 financial year.{{r|AR|page=15}} |
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The Society's origins lie in the [[Co-operative Permanent Building Society]], founded in 1884. Based at New Oxford House, High Holborn, it changed its name in 1970 after deciding to leave the British Co-operative Union. The new name was put to a member vote, with members voting 135,675 to 15,585 in favour.<ref>{{cite web|url=https://www.facebook.com/NationwideBuildingSociety/timeline/1970|archive-url=https://archive.today/20131028155722/https://www.facebook.com/NationwideBuildingSociety/timeline/1970|url-status=dead|archive-date=28 October 2013|title=Nationwide Building Society Timeline 1970|work=Facebook|access-date=16 November 2015}}</ref> |
The Society's origins lie in the [[Co-operative Permanent Building Society]], founded in 1884. Based at New Oxford House, High Holborn, it changed its name in 1970 after deciding to leave the British Co-operative Union. The new name was put to a member vote, with members voting 135,675 to 15,585 in favour.<ref>{{cite web|url=https://www.facebook.com/NationwideBuildingSociety/timeline/1970|archive-url=https://archive.today/20131028155722/https://www.facebook.com/NationwideBuildingSociety/timeline/1970|url-status=dead|archive-date=28 October 2013|title=Nationwide Building Society Timeline 1970|work=Facebook|access-date=16 November 2015}}</ref> |
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⚫ | In 1987, the Northampton-based Anglia Building Society merged with Nationwide. The new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1991.<ref>{{cite web|url=https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/information-for-lawyers/forms-and-downloads/abstract-of-title-1991.pdf?rev=2eb3fc34934b4a01b1055053b6210173 |title=NATIONWIDE BUILDING SOCIETY (formerly Nationwide Anglia Building Society) |date=1 December 1991 |access-date=13 June 2024|website=nationwide.co.uk</ref> In 1992, Nationwide moved its head office to Nationwide House, Pipers Way, Swindon. It had been operating a computer centre and administrative office in the town since 1974 and head office departments had been gradually migrating to Swindon.{{Citation needed|date=December 2023}} |
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[[File:Nationanglia.png|thumb|Former logo as Nationwide Anglia Building Society]] |
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⚫ | In 1987, the Northampton-based Anglia Building Society merged with Nationwide. The new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1991. In 1992, Nationwide moved its head office to Nationwide House, Pipers Way, Swindon. It had been operating a computer centre and administrative office in the town since 1974 and head office departments had been gradually migrating to Swindon. |
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Nationwide launched an early UK internet banking service on 27 May 1997.<ref>{{cite web|url=http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1001|archive-url=https://web.archive.org/web/20070927004747/http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1001|url-status=dead|archive-date=27 September 2007|title=Nationwide Celebrates Ten Years of Internet Banking|date=22 May 2007|publisher=Nationwide Building Society|access-date=16 November 2015}}</ref> |
Nationwide launched an early UK internet banking service on 27 May 1997.<ref>{{cite web|url=http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1001|archive-url=https://web.archive.org/web/20070927004747/http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1001|url-status=dead|archive-date=27 September 2007|title=Nationwide Celebrates Ten Years of Internet Banking|date=22 May 2007|publisher=Nationwide Building Society|access-date=16 November 2015}}</ref> |
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In 1999, Nationwide, together with various UK [[Tabloid (newspaper format)|tabloid]] [[newspaper]]s and media, launched a campaign against controversial cash machine fees. The campaign reached a peak when [[Barclays Bank]] announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned [[automatic teller machine|cash machine]]. This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the [[LINK (UK)|LINK]] network of cash machines, which the bank had joined earlier in the year. The following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK. |
In 1999, Nationwide, together with various UK [[Tabloid (newspaper format)|tabloid]] [[newspaper]]s and media, launched a campaign against controversial cash machine fees.{{Citation needed|date=December 2023}} The campaign reached a peak when [[Barclays Bank]] announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned [[automatic teller machine|cash machine]].{{Citation needed|date=December 2023}} This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the [[LINK (UK)|LINK]] network of cash machines, which the bank had joined earlier in the year.{{Citation needed|date=December 2023}} The following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK.{{Citation needed|date=December 2023}} |
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=== 2000 – 2010 === |
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In 2007, Nationwide members voted at its Annual General Meeting to donate at least 1% of pre-tax profits to charitable activities each year. Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846.<ref>{{cite web|url=http://www.nationwide.co.uk|author1=Nationwide Building Society |title=Nationwide Annual report and account 2007-8 |website=Nationwide Building Society |publisher=Nationwide Building Society |pages=Page 28}}</ref> |
In 2007, Nationwide members voted at its Annual General Meeting to donate at least 1% of pre-tax profits to charitable activities each year. Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846.<ref>{{cite web|url=http://www.nationwide.co.uk|author1=Nationwide Building Society |title=Nationwide Annual report and account 2007-8 |website=Nationwide Building Society |publisher=Nationwide Building Society |pages=Page 28}}</ref> |
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In the [[financial crisis of 2007–2008]], the Nationwide acted to safeguard the mutual sector, acquiring the ailing [[Cheshire Building Society|Cheshire]] and [[Derbyshire Building Society|Derbyshire]] building societies in September 2008,<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/7603411.stm |title=Nationwide rescues small lenders |date=8 September 2008 |publisher= BBC News |access-date=3 March 2013 }}</ref> followed by the [[Dunfermline Building Society]] on 30 March 2009.<ref name=Dunfermline>{{cite web |url=http://news.bbc.co.uk/1/hi/scotland/7971244.stm|title=Nationwide takes over Dunfermline |date=30 March 2009 |publisher=BBC News |access-date=3 March 2013 }}</ref> |
In the [[2007–2008 financial crisis|financial crisis of 2007–2008]], the Nationwide acted to safeguard the mutual sector, acquiring the ailing [[Cheshire Building Society|Cheshire]] and [[Derbyshire Building Society|Derbyshire]] building societies in September 2008,<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/7603411.stm |title=Nationwide rescues small lenders |date=8 September 2008 |publisher= BBC News |access-date=3 March 2013 }}</ref> followed by the [[Dunfermline Building Society]] on 30 March 2009.<ref name=Dunfermline>{{cite web |url=http://news.bbc.co.uk/1/hi/scotland/7971244.stm|title=Nationwide takes over Dunfermline |date=30 March 2009 |publisher=BBC News |access-date=3 March 2013 }}</ref> |
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On 24 March 2009, Nationwide Building Society opened a direct savings branch in [[Dublin]], Ireland called Nationwide UK (Ireland), to distinguish it from the unconnected and now-defunct [[Irish Nationwide Building Society]].<ref>{{cite web|url=http://www.nationwideuk.ie/about/latest-updates/2009/nationwideUkirelandlaunches.asp |title=World's largest Building Society opens for business in Ireland |date=24 March 2009 |publisher=Nationwide Building Society |access-date=3 March 2013 |url-status=dead |archive-url=https://web.archive.org/web/20090428125508/http://www.nationwideuk.ie/about/latest-updates/2009/nationwideUkirelandlaunches.asp |archive-date=28 April 2009 }}</ref> |
On 24 March 2009, Nationwide Building Society opened a direct savings branch in [[Dublin]], Ireland called Nationwide UK (Ireland), to distinguish it from the unconnected and now-defunct [[Irish Nationwide Building Society]].<ref>{{cite web|url=http://www.nationwideuk.ie/about/latest-updates/2009/nationwideUkirelandlaunches.asp |title=World's largest Building Society opens for business in Ireland |date=24 March 2009 |publisher=Nationwide Building Society |access-date=3 March 2013 |url-status=dead |archive-url=https://web.archive.org/web/20090428125508/http://www.nationwideuk.ie/about/latest-updates/2009/nationwideUkirelandlaunches.asp |archive-date=28 April 2009 }}</ref> It ceased all operations in the Irish Republic in 2017. |
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=== 2010 – 2020 === |
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In 2012, the Society announced that it would integrate the Cheshire, Derbyshire and Dunfermline building Societies into Nationwide. The Societies had operated under their own brands as divisions of the Society. The rebranding of each business was phased, with the Dunfermline first to be merged in June 2014.<ref>{{cite web|url=http://your.nationwide.co.uk/your-news/articles/Pages/regional-brands-integration.aspx|title=Regional Brands integration|author=Nationwide Building Society|date=20 March 2014|publisher=Nationwide Building Society|access-date=16 November 2015|url-status=dead|archive-url=https://web.archive.org/web/20151116111313/http://your.nationwide.co.uk/your-news/articles/Pages/regional-brands-integration.aspx|archive-date=16 November 2015|df=dmy-all}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-24652416|title=Dunfermline to be merged with Nationwide|work=BBC News|date=24 October 2013|access-date=24 October 2013}}</ref> The Cheshire and Derbyshire followed in October and November 2014 respectively. |
In 2012, the Society announced that it would integrate the Cheshire, Derbyshire and Dunfermline building Societies into Nationwide. The Societies had operated under their own brands as divisions of the Society. The rebranding of each business was phased, with the Dunfermline first to be merged in June 2014.<ref>{{cite web|url=http://your.nationwide.co.uk/your-news/articles/Pages/regional-brands-integration.aspx|title=Regional Brands integration|author=Nationwide Building Society|date=20 March 2014|publisher=Nationwide Building Society|access-date=16 November 2015|url-status=dead|archive-url=https://web.archive.org/web/20151116111313/http://your.nationwide.co.uk/your-news/articles/Pages/regional-brands-integration.aspx|archive-date=16 November 2015|df=dmy-all}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-24652416|title=Dunfermline to be merged with Nationwide|work=BBC News|date=24 October 2013|access-date=24 October 2013}}</ref> The Cheshire and Derbyshire followed in October and November 2014 respectively. |
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In April 2017, the Society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK (Ireland), following a review of its business.<ref>{{cite news|title=Savers may suffer as Nationwide UK set to leave Irish market|url=http://www.irishtimes.com/business/personal-finance/savers-may-suffer-as-nationwide-uk-set-to-leave-irish-market-1.3043355|access-date=29 April 2017|publisher=Irish Times|date=10 April 2017}}</ref> Its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017. The remainder of the business closed at the end of the year. Nationwide announced it would be building a new community at Oakfield in Swindon working in partnership with Swindon Borough Council. Planning permission for the 239 houses was granted in 2019. The homes will be EPC A rated and built on a not-for-profit model. In 2021 the development won the ‘Building for a Healthy Life’ prize as part of the Housing Design Awards.<ref name="Nationwide’s Oakfield development wins coveted housing award">{{cite web |title=Nationwide’s Oakfield development wins coveted housing award |url=https://www.nationwidemediacentre.co.uk/news/nationwides-oakfield-development-scoops-coveted-housing-design-award-as-it-puts-community-at-heart |website=Nationwidemediacentre.co.uk|date=1 October 2021}}</ref> |
In April 2017, the Society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK (Ireland), following a review of its business.<ref>{{cite news|title=Savers may suffer as Nationwide UK set to leave Irish market|url=http://www.irishtimes.com/business/personal-finance/savers-may-suffer-as-nationwide-uk-set-to-leave-irish-market-1.3043355|access-date=29 April 2017|publisher=Irish Times|date=10 April 2017}}</ref> Its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017. The remainder of the business closed at the end of the year. Nationwide announced it would be building a new community at Oakfield in Swindon working in partnership with Swindon Borough Council. Planning permission for the 239 houses was granted in 2019. The homes will be EPC A rated and built on a not-for-profit model. In 2021 the development won the ‘Building for a Healthy Life’ prize as part of the Housing Design Awards.<ref name="Nationwide’s Oakfield development wins coveted housing award">{{cite web |title=Nationwide’s Oakfield development wins coveted housing award |url=https://www.nationwidemediacentre.co.uk/news/nationwides-oakfield-development-scoops-coveted-housing-design-award-as-it-puts-community-at-heart |website=Nationwidemediacentre.co.uk|date=1 October 2021}}</ref> |
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=== 2020s rebrand and proposed acquisition of Virgin Money === |
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In March 2022, Kevin Parry replaced David Roberts as chairman; and in June 2022, [[Debbie Crosbie]], who had been CEO of [[TSB Bank (United Kingdom)|TSB Bank]], succeeded [[Joe Garner (businessman)|Joe Garner]], as chief executive.<ref name="Financial Times">{{cite news |last1=Venkataramakrishnan |first1=Siddharth |title=Nationwide appoints TSB boss Debbie Crosbie as chief executive |url=https://www.ft.com/content/fd58428a-3d35-47b9-bef0-dd69de204de3 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/fd58428a-3d35-47b9-bef0-dd69de204de3 |archive-date=10 December 2022 |url-access=subscription |access-date=8 June 2022 |work=The Financial Times |date=3 December 2021}}</ref> |
In March 2022, Kevin Parry replaced David Roberts as chairman; and in June 2022, [[Debbie Crosbie]], who had been CEO of [[TSB Bank (United Kingdom)|TSB Bank]], succeeded [[Joe Garner (businessman)|Joe Garner]], as chief executive.<ref name="Financial Times">{{cite news |last1=Venkataramakrishnan |first1=Siddharth |title=Nationwide appoints TSB boss Debbie Crosbie as chief executive |url=https://www.ft.com/content/fd58428a-3d35-47b9-bef0-dd69de204de3 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/fd58428a-3d35-47b9-bef0-dd69de204de3 |archive-date=10 December 2022 |url-access=subscription |access-date=8 June 2022 |work=The Financial Times |date=3 December 2021}}</ref> |
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In October 2023 Nationwide Building Society committed to its biggest rebrand since 1987, replacing its iconic ‘village icon’.<ref>{{Cite web |last=Fowler |first=Ryan |date=2023-10-08 |title=Nationwide to undergo significant rebrand and invest in High Street branches |url=https://theintermediary.co.uk/2023/10/nationwide-to-undergo-significant-rebrand-and-invest-in-high-street-branches/ |access-date=2023-10-08 |website=The Intermediary - Latest UK mortgage news |language=en-GB}}</ref> The move was part of a wider commitment to maintain a High Street presence as many banks continue to close branches.The move will see all 605 branches receive investment to enable the building society to protect face-to-face customer interactions. |
In October 2023 Nationwide Building Society committed to its biggest rebrand since 1987, replacing its iconic ‘village icon’.<ref>{{Cite web |last=Fowler |first=Ryan |date=2023-10-08 |title=Nationwide to undergo significant rebrand and invest in High Street branches |url=https://theintermediary.co.uk/2023/10/nationwide-to-undergo-significant-rebrand-and-invest-in-high-street-branches/ |access-date=2023-10-08 |website=The Intermediary - Latest UK mortgage news |language=en-GB}}</ref> The move was part of a wider commitment to maintain a High Street presence as many banks continue to close branches.<ref>{{Cite news |date=2023-10-09 |title=Nationwide Building Society rebrands and commits to the high street |language=en-GB |work=BBC News |url=https://www.bbc.com/news/uk-england-wiltshire-67054588 |access-date=2023-12-24}}</ref> The move will see all 605 branches receive investment to enable the building society to protect face-to-face customer interactions.<ref>{{Cite web |title=Nationwide renews promise to keep branches open until 2026 |url=https://www.nationwidemediacentre.co.uk/news/nationwide-renews-promise-to-keep-branches-open-until-2026 |access-date=2023-12-24 |website=Nationwide Building Society Media Centre |language=english}}</ref><ref>{{Cite web |title=Branch Promise, a commitment to our members {{!}} Nationwide |url=https://www.nationwide.co.uk/about-us/branch-promise/ |access-date=2023-12-24 |website=www.nationwide.co.uk}}</ref> |
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On 7 March 2024 Nationwide announced that they had made an offer to buy [[Virgin Money UK plc]] for £2.9 billion.<ref name="bbcnationwide">{{cite news |title=Nationwide strikes deal to buy Virgin Money for £2.9bn |url=https://www.bbc.co.uk/news/business-68499145 |access-date=9 March 2024 |work=BBC News |date=7 March 2024}}</ref> Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing.<ref name="bbcnationwide"/> Nationwide intends to remain as a building society and for the "medium-term" the [[Virgin Money UK|Virgin Money]] business would remain its own legal entity with its own banking licence.<ref name="bbcnationwide"/> Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term".<ref name="bbcnationwide"/> Virgin Money currently issue Scottish bank notes under the Clydesdale branding.<ref>{{cite news |title=Buying yon bonnie banks |url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-68628838 |access-date=22 March 2024 |work=BBC News |date=21 March 2024}}</ref> |
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Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year.<ref>{{cite news |last1=Makortoff |first1=Kalyeena |title=Virgin Money shareholders vote for Nationwide takeover by big majority |url=https://www.theguardian.com/business/article/2024/may/22/virgin-money-shareholders-vote-for-nationwide-takeover-by-big-majority |access-date=24 May 2024 |work=The Guardian |date=22 May 2024}}</ref> On 31 May, the [[Competition and Markets Authority]] said that they would be investigating the proposed merger regarding the potential lessening of competition within the banking sector in the UK.<ref>{{cite news |title=Nationwide-Virgin merger faces competition probe |url=https://www.bbc.co.uk/news/articles/czddy1j0nnko |access-date=2 June 2024 |work=BBC News |date=31 May 2024}}</ref> |
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==Mutual status== |
==Mutual status== |
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Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders. |
Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders.{{Citation needed|date=December 2023}} Its mutual status has been challenged.{{Citation needed|date=December 2023}} |
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Nationwide was by far the largest British building society that did not convert to a bank in the wave of [[demutualisation]]s that occurred from the late 1980s to the late 1990s. |
Nationwide was by far the largest British building society that did not convert to a bank in the wave of [[demutualisation]]s that occurred from the late 1980s to the late 1990s.{{Citation needed|date=December 2023}} |
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In 1998, society members seeking a windfall, branded as [[Carpetbagger#United Kingdom|carpetbaggers]] by the UK media, meant Nationwide members had to vote on whether to [[demutualise]] the society and float on the [[London Stock Exchange]]. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £1,500 each, as Nationwide members voted by a narrow margin of 33,700 against converting the building society into a bank.<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/the_company_file/138184.stm |title=Business: The Company File Conversion rejected |date=23 July 1998 |publisher=BBC News |access-date=3 March 2013 }}</ref> |
In 1998, society members seeking a windfall, branded as [[Carpetbagger#United Kingdom|carpetbaggers]] by the UK media, meant Nationwide members had to vote on whether to [[demutualise]] the society and float on the [[London Stock Exchange]]. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £1,500 each, as Nationwide members voted by a narrow margin of 33,700 against converting the building society into a bank.<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/the_company_file/138184.stm |title=Business: The Company File Conversion rejected |date=23 July 1998 |publisher=BBC News |access-date=3 March 2013 }}</ref> |
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Nationwide has also had to pay out over £473 million of compensation to customers for the mis-selling of PPI.<ref>{{cite web|url=https://www.which.co.uk/news/article/nationwide-to-refund-320000-customers-after-breaking-overdraft-rules-aisBa5e0SAHg|title=Nationwide to refund 320,000 customers after breaking overdraft rules|website=Which.co.uk|last=Aikman|first=A|date=2019-08-10|access-date=17 May 2022}}</ref> |
Nationwide has also had to pay out over £473 million of compensation to customers for the mis-selling of PPI.<ref>{{cite web|url=https://www.which.co.uk/news/article/nationwide-to-refund-320000-customers-after-breaking-overdraft-rules-aisBa5e0SAHg|title=Nationwide to refund 320,000 customers after breaking overdraft rules|website=Which.co.uk|last=Aikman|first=A|date=2019-08-10|access-date=17 May 2022}}</ref> |
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Nationwide had to scrap its intentions to pursue a digital business [[Current account (banking)|current account]] in April 2020, due to the effects of the [[COVID-19 pandemic]]. The society has said the pandemic has driven down the medium-term [[interest rate]]s, which the society believes has made the project unviable.<ref>{{Cite web|title=Chief Executives review|url=https://www.nationwideannualreport.co.uk/chief-executives-review/|access-date=2020-06-28|website=Nationwideannualreport.co.uk}}</ref> Nationwide has committed to return the £ |
Nationwide had to scrap its intentions to pursue a digital business [[Current account (banking)|current account]] in April 2020, due to the effects of the [[COVID-19 pandemic]]. The society has said the pandemic has driven down the medium-term [[interest rate]]s, which the society believes has made the project unviable.<ref>{{Cite web|title=Chief Executives review|url=https://www.nationwideannualreport.co.uk/chief-executives-review/|access-date=2020-06-28|website=Nationwideannualreport.co.uk}}</ref> Nationwide has committed to return the £50M grant from the Banking Competition Remedies scheme, which distributes funding that [[Royal Bank of Scotland]] was ordered to set aside as a condition of its [[2009 United Kingdom bank rescue package|2009 bailout]].<ref>{{cite web |last1=Walker |first1=Peter |title=Nationwide returns £50m business bank grant |url=https://www.fstech.co.uk/fst/BCR_Nationwide_Returns_Business_Banking_Money.php |website=FStech |access-date=18 March 2024 |language=en |date=4 March 2020}}</ref> The project is estimated to have cost members £70 million, but Nationwide have said that all staff working on the project will be redeployed elsewhere.<ref>{{Cite news|date=2020-04-03|title=Britain's Nationwide scraps business banking plans|language=en|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-britain-nationwide-idUSKBN21L0QN|access-date=2020-06-28}}</ref><ref>{{Cite web|last=Atkin|first=Joanne|date=2020-04-03|title=Nationwide halts plans to enter the business banking market|url=https://www.mortgagefinancegazette.com/market-news/company-news/nationwide-halts-plans-enter-business-banking-market-03-04-2020/|access-date=2020-06-28|website=Mortgage Finance Gazette|language=en-GB}}</ref> It still provides some business savings accounts.<ref>{{Cite web|title=Nationwide Commercial|url=https://www.nationwidecommercial.co.uk|access-date=28 Jun 2020|website=Nationwide Building Society}}</ref> |
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When restrictions were lifted following the [[COVID-19 pandemic]], Nationwide stated that its office-based staff could choose whether to [[work from home]] or return to the office.<ref>{{Cite news |last=Sweney |first=Mark |date=2021-03-25 |title=Nationwide office staff can work anywhere in UK when lockdown ends |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2021/mar/25/nationwide-office-staff-can-work-anywhere-in-uk-when-lockdown-ends |access-date=2023-12-06 |issn=0261-3077}}</ref> |
When restrictions were lifted following the [[COVID-19 pandemic]], Nationwide stated that its office-based staff could choose whether to [[work from home]] or return to the office.<ref>{{Cite news |last=Sweney |first=Mark |date=2021-03-25 |title=Nationwide office staff can work anywhere in UK when lockdown ends |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2021/mar/25/nationwide-office-staff-can-work-anywhere-in-uk-when-lockdown-ends |access-date=2023-12-06 |issn=0261-3077}}</ref> In December 2023 the building society announced that employees would be required to come into the office for two days per week from April 2024.<ref>{{Cite news |last=Sweney |first=Mark |date=2023-12-06 |title=Nationwide rescinds ‘work anywhere’ policy and tells staff to come to office |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2023/dec/06/nationwide-rescinds-work-anywhere-policy-and-tells-staff-to-come-to-office |access-date=2023-12-06 |issn=0261-3077}}</ref> |
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==Products and services== |
==Products and services== |
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Line 114: | Line 107: | ||
==Credit rating== |
==Credit rating== |
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Nationwide's long |
Nationwide's long-term [[credit rating]], as of the second half of 2022, was A1 with [[Moody's]], A+ with [[Standard & Poor's]] and A+ with [[Fitch Ratings]].<ref>{{cite web|url=https://www.nationwide.co.uk/investor-relations/#credit-ratings|title=Investor Relations - Nationwide|website=Nationwide.co.uk|access-date=16 February 2023}}</ref> |
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==Subsidiaries== |
==Subsidiaries== |
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Nationwide owns several subsidiary companies,<ref>{{cite web|url=http://www.nationwide.co.uk/about_nationwide/membership_matters/subsidiaries.htm|title=All About Nationwide Membership|publisher=Nationwide Building Society|access-date=16 November 2015|url-status=dead|archive-url=https://web.archive.org/web/20060831145528/http://www.nationwide.co.uk/about_nationwide/membership_matters/subsidiaries.htm|archive-date=31 August 2006|df=dmy-all}}</ref> including: |
Nationwide owns several subsidiary companies,<ref>{{cite web|url=http://www.nationwide.co.uk/about_nationwide/membership_matters/subsidiaries.htm|title=All About Nationwide Membership|publisher=Nationwide Building Society|access-date=16 November 2015|url-status=dead|archive-url=https://web.archive.org/web/20060831145528/http://www.nationwide.co.uk/about_nationwide/membership_matters/subsidiaries.htm|archive-date=31 August 2006|df=dmy-all}}</ref> including: |
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*Nationwide International Limited – offshore deposit taker |
*[[Nationwide International]] Limited – offshore deposit taker |
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*Nationwide Syndications Limited – syndicated lending |
*Nationwide Syndications Limited – syndicated lending |
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*The Mortgage Works (UK) plc – specialised mortgage lender |
*[[The Mortgage Works]] (UK) plc – specialised mortgage lender |
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*UCB Home Loans Corporation Limited – specialised mortgage lender |
*[[UCB Home Loans]] Corporation Limited – specialised mortgage lender |
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*Derbyshire Home Loans Limited – specialised mortgage lender |
*Derbyshire Home Loans Limited – specialised mortgage lender |
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*E-MEX Home Funding Limited – specialised mortgage lender |
*E-MEX Home Funding Limited – specialised mortgage lender |
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{{Reflist|2}} |
{{Reflist|2}} |
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==Further reading== |
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* {{cite book|title=The building society story| |
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first1=Herbert|last1=Ashworth|publisher=Franey |location=London|date=1980|isbn=9780900382383|oclc=11044471}} |
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==External links== |
==External links== |
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{{Commons category}} |
{{Commons category}} |
Company type | Building society, (mutual) |
---|---|
Industry | Banking and financial services |
Founded | 1884; 140 years ago (1884) |
Headquarters | Swindon, England |
Number of locations | 686 |
Key people |
|
Products |
|
Revenue | £3.86 billion (2022) |
£1.60 billion (2022) | |
£1.25 billion (2022) | |
Total assets | £272 billion (2022) |
Total equity | £15.7 billion (2022) |
Number of employees |
|
Website | Official website |
Footnotes / references [1] |
Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution[2] and the largest building society in the world with over 16 million members.[3] Its headquarters are in Swindon, England.
Nationwide is made up of around 250 different building societies. Among the most significant mergers were those with the Anglia Building Society in 1987 and the Portman Building Society in 2007. It is now the second largest provider of household savings and mortgages in the UK and has a 10.3% market share of current accounts for the 2021/2022 financial year.[1]: 15
For the financial year 2021/2022, Nationwide had assets of around £272.4 billion[1]: 57 compared to £483 billion for the entire building society sector,[4] making it larger than the remaining 42 British building societies combined.
It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK.[5]
The Society's origins lie in the Co-operative Permanent Building Society, founded in 1884. Based at New Oxford House, High Holborn, it changed its name in 1970 after deciding to leave the British Co-operative Union. The new name was put to a member vote, with members voting 135,675 to 15,585 in favour.[6]
In 1987, the Northampton-based Anglia Building Society merged with Nationwide. The new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1991.[7] In 1992, Nationwide moved its head office to Nationwide House, Pipers Way, Swindon. It had been operating a computer centre and administrative office in the town since 1974 and head office departments had been gradually migrating to Swindon.[citation needed]
Nationwide launched an early UK internet banking service on 27 May 1997.[8]
In 1999, Nationwide, together with various UK tabloid newspapers and media, launched a campaign against controversial cash machine fees.[citation needed] The campaign reached a peak when Barclays Bank announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned cash machine.[citation needed] This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the LINK network of cash machines, which the bank had joined earlier in the year.[citation needed] The following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK.[citation needed]
In 2007, Nationwide members voted at its Annual General Meeting to donate at least 1% of pre-tax profits to charitable activities each year. Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846.[9]
In the financial crisis of 2007–2008, the Nationwide acted to safeguard the mutual sector, acquiring the ailing Cheshire and Derbyshire building societies in September 2008,[10] followed by the Dunfermline Building Society on 30 March 2009.[11]
On 24 March 2009, Nationwide Building Society opened a direct savings branch in Dublin, Ireland called Nationwide UK (Ireland), to distinguish it from the unconnected and now-defunct Irish Nationwide Building Society.[12] It ceased all operations in the Irish Republic in 2017.
In 2012, the Society announced that it would integrate the Cheshire, Derbyshire and Dunfermline building Societies into Nationwide. The Societies had operated under their own brands as divisions of the Society. The rebranding of each business was phased, with the Dunfermline first to be merged in June 2014.[13][14] The Cheshire and Derbyshire followed in October and November 2014 respectively.
On 22 May 2015, it was announced that the Society's chief executive, Graham Beale, intended to retire. On 16 November 2015, Nationwide announced that Joe Garner, CEO of Openreach, would succeed Graham as Nationwide CEO in Spring 2016.[15] Joe Garner joined the Society as chief executive on 5 April 2016.
In May 2016, the Society confirmed that it would be closing its subsidiary on the Isle of Man, Nationwide International, following a review of its business.[16] The branch, based in Douglas, provided a range of offshore savings accounts in euros, pound sterling and US dollars. It held assets in excess of £2.76 billion as at 31 March 2008, increasing to £3.69 billion by 31 March 2009, making it one of the largest deposit takers in the Isle of Man. Nationwide confirmed it would close on 30 June 2017.[17]
On 1 October 2016, Carillion began providing services for Nationwide's headquarters in Swindon, 'specifically aligned to Nationwide's sustainability strategy'. This contract was expected to be worth approximately £350 million, building on an existing partnership of nearly nine years.[18] When Carillion went into liquidation in January 2018, Nationwide took on 297 staff previously employed by the contractor.[19][20]
In April 2017, the Society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK (Ireland), following a review of its business.[21] Its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017. The remainder of the business closed at the end of the year. Nationwide announced it would be building a new community at Oakfield in Swindon working in partnership with Swindon Borough Council. Planning permission for the 239 houses was granted in 2019. The homes will be EPC A rated and built on a not-for-profit model. In 2021 the development won the ‘Building for a Healthy Life’ prize as part of the Housing Design Awards.[22]
In March 2022, Kevin Parry replaced David Roberts as chairman; and in June 2022, Debbie Crosbie, who had been CEO of TSB Bank, succeeded Joe Garner, as chief executive.[23]
In October 2023 Nationwide Building Society committed to its biggest rebrand since 1987, replacing its iconic ‘village icon’.[24] The move was part of a wider commitment to maintain a High Street presence as many banks continue to close branches.[25] The move will see all 605 branches receive investment to enable the building society to protect face-to-face customer interactions.[26][27]
On 7 March 2024 Nationwide announced that they had made an offer to buy Virgin Money UK plc for £2.9 billion.[28] Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing.[28] Nationwide intends to remain as a building society and for the "medium-term" the Virgin Money business would remain its own legal entity with its own banking licence.[28] Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term".[28] Virgin Money currently issue Scottish bank notes under the Clydesdale branding.[29]
Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year.[30] On 31 May, the Competition and Markets Authority said that they would be investigating the proposed merger regarding the potential lessening of competition within the banking sector in the UK.[31]
Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders.[citation needed] Its mutual status has been challenged.[citation needed]
Nationwide was by far the largest British building society that did not convert to a bank in the wave of demutualisations that occurred from the late 1980s to the late 1990s.[citation needed]
In 1998, society members seeking a windfall, branded as carpetbaggers by the UK media, meant Nationwide members had to vote on whether to demutualise the society and float on the London Stock Exchange. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £1,500 each, as Nationwide members voted by a narrow margin of 33,700 against converting the building society into a bank.[32]
Society members again proposed a resolution in 2001 for another vote by Nationwide members to convert the society to a bank. The resolution was rejected by the Nationwide board on legal grounds.[33]
In the wake of the financial crisis of 2007–08, executive pay practices came under increasing scrutiny at Nationwide as in the rest of the financial sector. The Building Society Members' Association began to campaign against acceptance of remuneration reports at AGMs in 2009,[34] and with the CEO's compensation rising 45% to £2.25 million by 2012[35] the board's levels of pay attracted criticism in The Guardian,[36] and The Huffington Post.[37]
Nationwide has also had to pay out over £473 million of compensation to customers for the mis-selling of PPI.[38]
Nationwide had to scrap its intentions to pursue a digital business current account in April 2020, due to the effects of the COVID-19 pandemic. The society has said the pandemic has driven down the medium-term interest rates, which the society believes has made the project unviable.[39] Nationwide has committed to return the £50M grant from the Banking Competition Remedies scheme, which distributes funding that Royal Bank of Scotland was ordered to set aside as a condition of its 2009 bailout.[40] The project is estimated to have cost members £70 million, but Nationwide have said that all staff working on the project will be redeployed elsewhere.[41][42] It still provides some business savings accounts.[43]
When restrictions were lifted following the COVID-19 pandemic, Nationwide stated that its office-based staff could choose whether to work from home or return to the office.[44] In December 2023 the building society announced that employees would be required to come into the office for two days per week from April 2024.[45]
Nationwide Building Society provides financial services both directly, and through 686 branches (as of 2023). Nationwide is a major provider of both mortgage loans and savings in the UK, as well as personal banking such as loans, credit cards, bank accounts and insurance products.
For the 2015/2016 Preliminary Results (April 2015–April 2016), underlying profits were up 9% to £1.337 billion, while statutory profits rose by 23% to £1.279 billion. Cost income ratio was 53.9%.[46] Common Equity Tier 1 and leverage ratios improved to 23.2% and 4.2%. Gross and net lending were at £32.6 billion and £9.1 billion respectively. Nationwide helped 57,200 people buy their first home. Member deposits increased by £6.3 billion.[47]
Nationwide's long-term credit rating, as of the second half of 2022, was A1 with Moody's, A+ with Standard & Poor's and A+ with Fitch Ratings.[48]
Nationwide owns several subsidiary companies,[49] including:
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Former subsidiaries |
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Demutualised |
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International |
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National |
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