British mortgage lenders merge to ward off expected losses
|
|
Published
:
Mon, 08 Sep 2008 10:01
|
London - Britain's leading building society, Nationwide, said Monday it would merge with two smaller lenders facing growing pressure from the credit crunch. The Nationwide Building Society said the merger with two of its smaller rivals, the Derbyshire and Cheshire Building Societies, would take place with the approval of financial regulators. The Derbyshire and Cheshire had approached the Nationwide to help them survive the tough economic climate. Both firms said they expected to make a loss in the first six months of 2008 as a result of the declining property market. The Derbyshire has assets of 7.1 billion pounds (12.6 billion dollars), 50 branches and 485,000 members. The Cheshire has assets of 4.9 billion pounds, 45 branches and more than 440,000 members. Nationwide has 14 million members.
|
|
|
|
|
|
Print this Story
