Nationwide swoops on battered rivals

cashprincezac

Nationwide, one of Britain's biggest mortgage lenders, is in advanced talks to merge with the Derbyshire Building Society in a move expected to kick-start consolidation of the £350bn industry, The Sunday Telegraph has learned.
Nationwide, which is the country's largest building society by far, is also in talks to merge with another smaller rival. Its board, led by Graham Beale, the chief executive, is keen to announce the two deals simultaneously, although the Derbyshire talks are thought to have progressed further than the other set of negotiations and they could be announced separately.

From todays papers!

Oblivion

Interesting, and I imagine this will be the first of several mergers. I wonder who the second smaller target referred to is? Place your bets now.

Dave.

cashprincezac

Oblivion wrote: »

Interesting, and I imagine this will be the first of several mergers. I wonder who the second smaller target referred to is? Place your bets now.

Dave.

I have heard a rumour it could be the Cheshire

alanq

It is. http://uk.reuters.com/article/domesticNews/idUKL747744120080907

cashprincezac

alanq wrote: »

It is. http://uk.reuters.com/article/domesticNews/idUKL747744120080907

Carpetbagging is back!!!!:beer:

Speculator

more here

http://news.bbc.co.uk/1/hi/business/7602785.stm

where2save

I've just been reading about the Cheshire and realise I have a very old account with them but with less than £100 in it.

Is it too late to bump up the balance to £100 to get any possible bonus? I know I should have done this before but had completely forgotten about the account until reading the article.

bristolleedsfan

where2save wrote: »

I've just been reading about the Cheshire and realise I have a very old account with them but with less than £100 in it.

Is it too late to bump up the balance to £100 to get any possible bonus? I know I should have done this before but had completely forgotten about the account until reading the article.

Plan to bump it up monday morning, if an announcement is made on monday then fate will determine whether you were too late or not.

Farway

Announced today [Sunday] so you maybe too late

http://news.bbc.co.uk/1/hi/business/7602785.stm

Cheshire & the Derbyshire

bristolleedsfan

Farway wrote: »

Announced today [Sunday] so you maybe too late

http://news.bbc.co.uk/1/hi/business/7602785.stm

Cheshire & the Derbyshire

Being "in advanced discussions" is not an official merger deal announcement, just means that merger talk rumours have been confirmed.

As Mr Speculator says it would be a suprise if an official announcement is not made on Monday, should that occur then the earliest qualifying date "normally" would be close of business on the previous business day before the announcement was made, personally I would ( if i needed to which i dont) top up balance on monday and "hope" that a official merger announcement proposal is made later than monday.

Would be better for payouts if another BS made a counterbid for either or both named societies.


http://www.afxnews.com/about488/index.php?lg=en&c=00.00&story=2585303

"Further announcements will be made once those discussions have concluded," the statement added.


Indication here is that Nationwide BS have been asked by the FSA to step in, Mr Peston believes that their will neither be a vote nore a merger payout.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/09/fannie_freddie_cheshire_and_de.html

franconormand

would it be to late to open an account tommorow and benefit from a future windfall?