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Nationwide snaps up Dunfermline

Nationwide snaps up Dunfermline

Category: Savings

Updated: 30/03/2009
First Published: 30/03/2009

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Nationwide Building Society has confirmed it has taken over the savings business and some of the mortgage business of the Dunfermline Building Society.

The accounts of around 300,000 Dunfermline members, its prime mortgage lending book and the society's head office and branches are now part of Nationwide after a deal was rushed through to prevent Scotland's biggest building society from going bust. All of the society's staff have been transferred to Nationwide too.

The Bank of England said the move had been made in order to protect depositors and safeguard financial stability. It also added that savers can be assured that their money is safe, while it is business as usual for all customers.

Dunfermline's deposit business will continue to operate normally, with branches and telephone banking open during their normal hours so customers can deposit and withdraw their money in the usual ways. Loan and mortgage customers have been told they can still contact Dunfermline in the usual way and to continue to make repayments as normal.

Around £1.5 billion worth of high risk assets which were not transferred to the Nationwide including commercial loans and some residential loans have been bought by the Treasury.

"Nationwide is in a unique position by virtue of its size and financial strength, to provide support to Dunfermline and we regard it as both responsible and commercially beneficial to undertake this transaction," said Nationwide's chief executive, Graham Beale.

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