Nationwide mergers

Apparently the Nationwide Building Society is in advanced discussions about taking over two smaller building societies namely the Cheshire and Derbyshire.

This could mean bonuses for members of the Cheshire and Derbyshire if the Nationwide is successful. Last year the Nationwide merged with the Portman building society and each Portman member received a windfall payment of between £200 and £1,000.

The current credit crunch has affected financial institutions such as the Northern Rock badly and it could be the smaller societies are struggling to cope or alternatively the Nationwide could be looking to expand its branch network in Cheshire and Derbyshire whilst at the same time remove two of its local competitiors.