The Nationwide Building Society says the integration of the Cheshire, Derbyshire and Dunfermline businesses into Nationwide will be complete by mid 2015.
Once complete, around 85% of Cheshire, Derbyshire and Dunfermline customers will be within 5 miles of a Nationwide branch, compared with 70% under the current arrangements.
The Society expects to convert approximately half of the 91 Cheshire, Derbyshire and Dunfermline branches into Nationwide branches where they will continue to serve the communities in which they are based. Depending upon levels of usage and proximity, the remainder of the branches in the network will either be closed or integrated into the nearest alternative Nationwide branch.
The largest building society said it is too soon to say with certainty what the future shape and size of Nationwide’s presence in every impacted location will be.
Nationwide expects there to be a reduction of around 500 roles nationally as a result of this integration. Employees will be redeployed where possible, it said.
The planned timings of the integrations are as follows:
- Dunfermline: integration to begin in Spring 2014
- Cheshire: integration to begin in Autumn 2014
- Derbyshire: integration to begin in Winter 2014
Tony Prestedge, chief operating officer, at Nationwide said: “Having made considerable improvements to our range of products and services, the only way we can ensure all our members benefit is to take this logical step to integrate our businesses under one unified, strong, and nationally recognisable brand. The strength of the Nationwide brand is increasingly compelling and we will now be able to offer customers of the Cheshire, Derbyshire and Dunfermline a vastly improved proposition.
“As well as benefiting from access to our full suite of products and market leading customer service, more people will have access to our strong branch network with around 15% more customers of our regional brands being within 5 miles of a Nationwide branch than at present.
“The integration of the branches of the Cheshire, Derbyshire and Dunfermline into the Nationwide brand will result in significant efficiencies for the business ensuring that Nationwide is even better placed to cement its position as the real alternative to the high street banks.”