Nationwide & Portman to Merge!!!

ReportInvestor

damianiw wrote:

Can this be included in the next newsletter- I am a disgusted nationwide customer

Are you suggesting that Martin should oppose this merger? That would get even more publicity for MSE than the Carol Smillie business.

But why should MSE, the consumer's champion, choose to take on the board of Britain's most successful mutual, the other nationally acknowledged consumers' champion ?

Mortgage brokers hail increased competition in the mortgage market as a result of the merger

Glasgow Herald - Nationwide/Portman merger to give more clout to mutuality

Guardian - Merger expected to cut costs and boost rivalry with banks

Money£acts believes customers will benefit but Nationwide's banking competitors should be wary

BBC - "Cheaper mortgages after deal

That's quite a tide to swim against, even for Martin. And surely he has no wish to anyway? Can you see the headlines?

"MSE blocks increased competition in the mortgage market."
"MSE to stop 1.3 million Portman members getting a windfall"
"MSE carpetbaggers demand payments from Nationwide"

damianiw wrote:

I shall contact them expressing my dissappointment in the board and their actions

See Milarky's helpful post above for details of an online discussion the Nationwide boss will be having with members. Nationwide has pioneered these and already held several. It hardly suggests an "underhand approach". Can you imagine an online chat with the executive directors of Lloyds Bank :eek: ?

Link to Nationwide feedback events including online chat on 13 December

damianiw wrote:

I shall be expressing [my disappointment]with the next AGM vote.

it appears completely underhand

As you imply, you own your society - along with 11 million others - and you have a democratic vote. Your directors are your servants and answerable to you. At least 1/3 have to stand for election each year & you have a chance to stimulate member debate via the online chat mentioned above.

damianiw wrote:

I shall express my dissappointment with my feet

Make sure that you leave something behind so that you retain your voting rights and continuous membership. thor has kindly shown you the way.

thor wrote:

I took most of my money out 2 or 3 years ago as their savings rate was rubbish and not rewarding their loyal members

mystic_trev wrote:

When Portman took over Lambeth BS earlier this year they got £1,000 we got nothing and our members didn't complain.

A fair point. I can't remember any objections on MSE, but am happy to be corrected.

There was certainly nothing from Martin.

Mr_Mumble

ReportInvestor wrote:

Are you suggesting that Martin should oppose this merger? That would get even more publicity for MSE than the Carol Smillie business.

But why should MSE, the consumer's champion, choose to take on the board of Britain's most successful mutual, the other nationally acknowledged consumers' champion ?

"Nationally acknowledged consumers' champion"! Nationwide effectively reduced 49 of 55 savings rates on September 1st by not keeping up with interest rate changes. How is this being a consumers' champion? Oh wait, they have those funny ads - it must be true! :rolleyes:

Mortgage brokers hail increased competition in the mortgage market as a result of the merger

Glasgow Herald - Nationwide/Portman merger to give more clout to mutuality

Guardian - Merger expected to cut costs and boost rivalry with banks

Money£acts believes customers will benefit but Nationwide's banking competitors should be wary

BBC - "Cheaper mortgages after deal

The Glasgow Herald link points to the investors association piece. A couple of these links go back to quoting a single source (Hamptons Mortgages) and the moneybox piece is just quoting the Nationwide chairman verbatim. These fluff stories are dealing mainly with mortgages.

Can you imagine an online chat with the executive directors of Lloyds Bank :eek: ?

Yes, but rather than a moderated/censored impersonal webchat you can hold Lloyds executives to account at their AGM.

you have a democratic vote.

Democratic vote, perhaps, free and fair absolutely not. You can just tick one box to vote for all the Nationwide luvvies and you get a bunch of literature on them as a matter of course. If there are candidates who wish to demutualise Nationwide do everything in their power to hide this.

ReportInvestor

Always good to hear the other side, but there is a PR mountain to climb for anyone who wants to take them on.

I agree that the savings position seems to have slipped - I've mentioned my own disappointment at the withdrawal of first Summer Bonds and now Members Reward Bonds.

And our IA survey of savings rates over the years only places them in the middle rank of BSs 1998-2004 (Although this will have been distorted because Nationwide offers a current account and most others don't.)

There are two mortgage brokers on the links - Hamptons & Charcol. And Money£acts is an independent and respected source. Perhaps we should ask the views of our MSE mortgage brokers on the mortgage endowment board? Would you like to start the thread?

Democratic vote, perhaps, free and fair absolutely not. You can just tick one box to vote for all the Nationwide luvvies

I don't think that's true. You're thinking of Britannia .

Nationwide has a postal ballot for director elections, so there's no possibility of misusing a proxy vote as there isn't one on the ballot form.

Mr_Mumble wrote:

Yes, but rather than a moderated/censored impersonal webchat you can hold Lloyds executives to account at their AGM.

Obviously the same holds true for Nationwide members. See you there?

steady__eddie

mystic_trev wrote:

I really can't see what your complaining about! When Portman took over Lambeth BS earlier this year they got £1,000 we got nothing and our members didn't complain. Now we're getting two or three hundred quid bonus for being merged with NW you're all moaning.If you want to "vote with your feet" go on and lose your membership rights, and any windfall if they de- mutualise in the future.

Could someone explain to me who "they" are please as referred to in the second sentence ? I agree wholeheartedly with the comment by the way, it's just the figure that confuses me. To qualify for a £1000 (net) payment, a Lambeth member would had to have had a qualifying balance of £14880-96.
I will be greatful to receive £320 net in a fortnight's time.

ReportInvestor

I assume the "they" is the average Lambeth member.

Portman paid £55.1m

Lambeth had 67,000 members - but not all of these would have qualified for a bonus.

So a mean average of around £1K gross (£800 net) each is about right.

When breaking the story, Jeff Prestridge in the Mail on Sunday correctly estimated £1K average windfalls.

Mr_Mumble

ReportInvestor wrote:

Perhaps we should ask the views of our MSE mortgage brokers on the mortgage endowment board? Would you like to start the thread?

I'm not whining about mortgages though - they get a decent deal to the detriment of savers .

I don't think that's true. You're thinking of Britannia .

I'm sure they had one box to vote for all the approved candidates this year, it was placed at the top of the postal voting ballot before you got to the individual candidates, either that or I'm going a bit mad

Obviously the same holds true for Nationwide members. See you there?

Ten months yet - depends on what happens in the meantime, only 152 of 11m+ attended last year I notice, such benign acceptance. Either Nationwide are doing a great job or the vast majority think their voice would be ignored .

littlemissfrugal

ReportInvestor wrote:

Are you suggesting that Martin should oppose this merger? That would get even more publicity for MSE than the Carol Smillie business.
.

wasn't it Vorderman?

anyway i'm happy with any extras that come my way at the minute i am both a Portman and Nationwide customer

Robert_Sterling

It was Vorderman

gt94sss2

Mr_Mumble wrote:

I'm not whining about mortgages though - they get a decent deal to the detriment of savers

If you don't like their savings rates, move your money somewhere else.

A building society is a business, just like any other (apart from being owned by members) and they have to compete.

If enough people moved their savings, you would see Nationwide increase rates to attract savers..

Regards
Sunil

ED

Sunil - I share your view. Consequently, I long ago moved all but £100 from my Nationwide share account. (Made sure to retain my right to vote.)

Nationwide also disappoint me for secure online messaging taking several days to receive responses, and being non thorough, non apologetic at Society errors and frankly curt.