Portman Building Society savers and borrowers have overwhelmingly approved the proposed merger of the Portman and Nationwide Building Societies at Portman's annual general meeting.
Portman said that over three times the usual turnout voted at this year’s meeting, with votes in favor of the merger representing 93% of eligible shareholding members who voted and 92.6% of eligible borrowing members who voted.
Subject to confirmation by the UK Financial Services Authority, the effective date for the merger is expected to be August 28, 2007.
Following the merger, which was first announced in September 2006, Nationwide Building Society will have assets of more than GBP150 billion. Serving more than 13 million members, the combined company will be the second largest mortgage lender and the second largest retail savings provider in the UK.
I am very pleased that Portman members have clearly supported the board’s recommendation to merge with Nationwide Building Society with 93% of shareholders’ votes cast and 92.6% of borrowers’ votes cast supporting the merger, noted Robert Sharpe, chief executive of Portman. In addition to the merger bonus payment, Portman members will benefit from a greatly increased branch network and access to a wider range of attractively priced products and services.