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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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 Posted: Mon Sep 25, 2006 10:15 pm Post subject: Nationwide & Portman Merger windfalls ! |
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The Nationwide and Portman building societies have announced that they intend to merge, creating the UK's second-largest mortgage lender.
Qualifying members of the Portman are set to receive a merger bonus of "at least" £200, the society said.
The Portman name is to disappear
The money represents the distribution of more than 70% of Portman's general reserves, which will be released from the new body's combined reserves.
To be eligible, Portman members with savings will have had to have held at least £100 in their account on 11 September 2006, and remain a member until a future date, which has yet to be specified.
Portman mortgage holders will have had to have held a minimum balance of £100 on 11 September 2006.
Members with both savings and a mortgage with the Portman will be eligible for two merger bonuses.
Nationwide members will not receive a merger bonus. |
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Sugarbabe
Beginning Saver
Joined: 19 Jun 2006
Posts: 49
Cash Points ££ 1027.04
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| Posted: Mon Sep 25, 2006 11:31 pm Post subject: |
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| So how much will they be getting ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Mon Oct 02, 2006 2:38 am Post subject: |
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| Sugarbabe wrote: | | So how much will they be getting ? |
At least £200 |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Wed Oct 04, 2006 4:45 am Post subject: |
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Lambeth members back merger- but what about the children?Some will miss out
Click here
The Mail on Sunday reports that the Lambeth Building Society will this week announce the details of a takeover by the acquisition hungry Portman.The good news for Lambeth members is that it was a three horse bidding race between Portman, Leeds & Chelsea. Financial Mail even talks of £1K windfalls for the 67,000 Lambeth members
"Acquiring Lambeth will boost assets by 6% and create a group with 151 branches and a workforce of 2,400," the report says.
Jeff Prestridge's story is as yet unconfirmed by either society''s Chief Executive, but the FMoS believes Lambeth staff were briefed on Friday. He writes: "....Already this year Leeds has agreed to take over Mercantile. Yorkshire and Coventry are rumoured to be in takeover talks, triggered by the imminent retirement of Coventry's boss, Martin Ritchley." |
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