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Nationwide Says No To Northern Rock And

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Nationwide maintains however that it is "well positioned for the future". Has anyone told them they are due to be downgraded?

http://www.thisislondon.co.uk/standard-business/article-23953341-nationwide-well-positioned-for-the-future-thanks-to-strong-year.do

Nationwide, Britain's biggest building society, today ruled out bidding for the 600-plus branches Lloyds has put up for sale or the good bank part of Northern Rock.

That leaves the field relatively clear for the likes of Virgin Money, Clydesdale Bank and Lord Levene's investment vehicle NBNK.

While Yorkshire and Coventry building societies have expressed interest in Northern Rock, Graham Beale, chief executive of Nationwide, is not planning to bid.

"Northern Rock is too small and has a considerable overlap with our branches," he said. "Lloyds looks like being a very complex transaction which carries a huge execution risk with it."

Beale is happy that as the only "challenger brand" identified by Sir John Vickers' Independent Commission on Banking, Nationwide can keep building organically. Today it reported a 30% rise in headline profits to £276 million in 2010.

He said that in the last year the building society captured a bigger share of the mortgage, savings and current account markets in the UK.

Mortgage lending rose 7% to £12.8 billion and Beale said he was pleased that almost one-in-four Nationwide home loans had gone to first-time buyers.

He said: "Stimulating the housing market depends on first-time buyers. While we don't expect prices to move significantly... we think they'll be marginally down."

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Nationwide maintains however that it is "well positioned for the future". Has anyone told them they are due to be downgraded?

Unlikely to worry them too much as they aren't giving out as many mortgages at the moment. Main reason for considering downgrade is taking on some smaller societies in recent years.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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