Nationwide Building Society is a British mutual financial institution, the largest building society in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton. Until mid-2009, when it announced the withdrawal of the service, it had been the only UK financial institution to offer completely fee-free transactions (both electronic and cash withdrawals) worldwide with its VISA debit cards. 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. As of 2008, it is larger than all the other remaining British building societies combined, measured by total assets. It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK.
Nationwide Building Society provides financial services both directly, and through around 700 branches. 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. Nationwide.co.uk is the main website and sells most products and has around 4.5 million monthly visitors and 1.9 million active internet bankers.
The Society's origins lie in Wiltshire (1846), Northampton (1848) and within the co-operative movement in London (1883). Over a hundred mergers later — most notably the merger between the Nationwide and the Anglia Building Society in 1987 — they are now the UK's third largest mortgage lender and savings provider. More significantly, it is the largest building society in the world and committed to staying mutual. The society is keen to emphasise that it does not have shareholders, it has members.
In August 2007 the Society merged with Portman Building Society, creating a mutual body with assets of more than £160bn.
In the financial crisis of 2007–2010, the Nationwide has acted to safeguard the mutual sector, acquiring the ailing Cheshire and Derbyshire building societies in September 2008 and the Dunfermline Building Society on 30 March 2009. No member votes were taken, and no windfall benefit were given to society members. The Derbyshire, Cheshire and Dunfermline brand names will continue as separate trading arms of the Nationwide group.
In October 2011, Moody's downgraded the credit rating of 12 UK financial firms, including Nationwide, because of a reduced likelihood of government support for smaller institutions in any financial crisis.
Nationwide is currently rated A2 by Moody's and A+ by Standard & Poor's.
Read more about Nationwide Building Society: History, Subsidiaries, Key People, Directors' Remuneration 2009/10, Sponsorships and Advertising
Famous quotes containing the words building society, building and/or society:
“A publisher is a specialised form of bank or building society, catering for customers who cannot cope with life and are therefore forced to write about it.”
—Colin Haycraft (b. 1929)
“Our civilization is characterized by the word “progress.” Progress is its form rather than making progress being one of its features. Typically it constructs. It is occupied with building an ever more complicated structure. And even clarity is sought only as a means to this end, not as an end in itself. For me on the contrary clarity, perspicuity are valuable in themselves.”
—Ludwig Wittgenstein (1889–1951)
“The web of domination has become the web of Reason itself, and this society is fatally entangled in it.”
—Herbert Marcuse (1898–1979)