History of Nationwide Building Society in Timeline
Nationwide Building Society is a British mutual financial institution and the world's largest building society. Serving over 16 million members, it operates for their benefit rather than shareholders. Headquartered in Swindon, England, Nationwide also holds the position of the seventh largest cooperative financial institution worldwide. As a mutual, its profits are reinvested for the benefit of its members, typically through better interest rates or lower fees.
1970: Name Change
In 1970, the Co-operative Permanent Building Society changed its name to 'Nationwide' after a member vote, following its decision to leave the British Co-operative Union.
1974: Computer Centre and Administrative Office
In 1974 Nationwide started operating a computer centre and administrative office in Swindon.
1987: Acquisition of Anglia Building Society
In 1987, Nationwide acquired Anglia Building Society through a merger, marking one of its most notable amalgamations.
1987: Merger with Anglia Building Society
In 1987, the Northampton-based Anglia Building Society merged with Nationwide, initially forming Nationwide Anglia Building Society.
1987: Rebrand
In October 2023, Nationwide Building Society committed to its biggest rebrand since 1987, replacing its 'village' icon as part of its plan to maintain a High Street presence.
1991: Anglia Name Dropped
In 1991, Nationwide dropped the 'Anglia' name, reverting to Nationwide Building Society.
1992: Head Office Move
In 1992, Nationwide relocated its head office to Nationwide House in Swindon.
May 1997: Launch of Internet Banking
In May 1997, Nationwide launched an early internet banking service in the UK.
1998: Demutualisation Vote
In 1998, Nationwide members voted against demutualising the society and floating on the London Stock Exchange.
1999: Campaign Against Cash Machine Fees
In 1999, Nationwide launched a campaign with UK tabloids against cash machine fees, leading to free withdrawals from most UK bank ATMs.
2001: Demutualisation Resolution Rejected
In 2001, the Nationwide board rejected a resolution for another vote by Nationwide members to demutualise the society to a bank.
August 2007: Merger with Portman Building Society
On August 28, 2007, Nationwide merged with Portman Building Society, creating a mutual body with assets over £160 billion and around 13 million members.
2007: Acquisition of Portman Building Society
In 2007, Nationwide acquired Portman Building Society through a merger, further expanding its operations.
March 2008: Nationwide International Assets
As at 31 March 2008, Nationwide International held assets in excess of £2.76 billion.
September 2008: Acquisition of Cheshire and Derbyshire Building Societies
In September 2008, during the financial crisis, Nationwide acquired the ailing Cheshire and Derbyshire building societies.
2008: Executive Pay Scrutiny
During the 2008 financial crisis, executive pay practices came under increasing scrutiny at Nationwide.
March 2009: Nationwide International Assets
As at 31 March 2009, Nationwide International held assets in excess of £3.69 billion.
March 2009: Acquisition of Dunfermline Building Society
In March 2009, Nationwide acquired the Dunfermline Building Society, further safeguarding the mutual sector during the financial crisis.
March 2009: Opens Direct Savings Branch in Dublin
On 24 March 2009, Nationwide Building Society opened a direct savings branch in Dublin, Ireland called Nationwide UK (Ireland).
2009: Campaign Against Remuneration
In 2009, the Building Society Members' Association began to campaign against acceptance of remuneration reports at AGMs.
2009: Royal Bank of Scotland Bailout
Nationwide committed to return the £50M grant from the Banking Competition Remedies scheme, which distributes funding that Royal Bank of Scotland was ordered to set aside as a condition of its 2009 bailout.
2012: Criticism of Pay Levels
By 2012, the Nationwide board's levels of pay attracted criticism as the CEO's compensation rose 45% to £2.25 million.
2012: Integration of Building Societies
In 2012, Nationwide announced the integration of the Cheshire, Derbyshire, and Dunfermline building societies into Nationwide.
June 2014: Merger of Dunfermline
In June 2014, the Dunfermline Building Society was the first to be merged into Nationwide as part of the integration plan.
November 2014: Merger of Derbyshire
In November 2014, the Derbyshire Building Society was merged into Nationwide.
April 2015: 2015/2016 Preliminary Results
For the 2015/2016 Preliminary Results, starting in April 2015 and ending in April 2016, Nationwide helped 57,200 people buy their first home. Underlying profits were up 9% to £1.337 billion.
May 2015: Retirement Announcement
In May 2015, Nationwide's chief executive, Graham Beale, announced his intention to retire.
November 2015: Appointment of New CEO
On 16 November 2015, Nationwide announced that Joe Garner would succeed Graham Beale as CEO in Spring 2016.
April 2016: 2015/2016 Preliminary Results
For the 2015/2016 Preliminary Results, starting in April 2015 and ending in April 2016, Nationwide helped 57,200 people buy their first home. Statutory profits rose by 23% to £1.279 billion.
April 2016: Joe Garner Joins as CEO
On 5 April 2016, Joe Garner joined Nationwide as chief executive.
May 2016: Closure of Nationwide International
In May 2016, Nationwide confirmed it would close its subsidiary on the Isle of Man, Nationwide International.
October 2016: Carillion Contract
On 1 October 2016, Carillion began providing services for Nationwide's headquarters in Swindon.
April 2017: Closure of Nationwide UK (Ireland)
In April 2017, Nationwide confirmed it would close its subsidiary in the Republic of Ireland, Nationwide UK (Ireland).
May 2017: Branch Closure
Nationwide UK (Ireland)'s branch closed on 31 May 2017.
June 2017: Closure of Nationwide International Confirmed
Nationwide confirmed it would close Nationwide International on 30 June 2017.
2017: Ceases operations in the Irish Republic
In 2017 Nationwide Building Society ceased all operations in the Irish Republic.
January 2018: Carillion Liquidation
In January 2018, following Carillion's liquidation, Nationwide took on 297 staff previously employed by the contractor.
2019: Planning Permission for Oakfield
In 2019, planning permission was granted for the 239 houses in Nationwide's new community at Oakfield in Swindon.
April 2020: Digital Business Account Project Abandoned
In April 2020, Nationwide had to scrap its intentions to pursue a digital business current account due to the effects of the COVID-19 pandemic.
2021: Financial Year 2021/2022
For the financial year 2021/2022, Nationwide's assets were approximately £272.4 billion, compared to £483 billion for the entire building society sector.
2021: Award for Oakfield Development
In 2021, the Oakfield development won the ‘Building for a Healthy Life’ prize as part of the Housing Design Awards.
March 2022: Chairman Replacement
In March 2022, Kevin Parry replaced David Roberts as chairman of Nationwide.
June 2022: CEO Succession
In June 2022, Debbie Crosbie succeeded Joe Garner as chief executive of Nationwide.
2022: Market Share
As of 2022, Nationwide held a 10.3% market share in current accounts, ranking as the second largest provider of household savings and mortgages in the UK.
2022: Financial Year 2021/2022
For the financial year 2021/2022, Nationwide's assets were approximately £272.4 billion, surpassing the combined assets of the remaining 42 British building societies.
June 2023: Fairer Share Initiative
In June 2023, Nationwide launched its Fairer Share initiative to redistribute profits back to its members, though initial reports suggested only a small percentage would receive payouts.
October 2023: Branch Numbers
As of October 2023, Nationwide had more branches than any other banking brand in the UK.
2023: Financial Services Provider
As of 2023, Nationwide Building Society provides financial services directly and through 686 branches, being a major provider of mortgages, savings, and personal banking products in the UK.
March 2024: Offer to Buy Virgin Money UK
On 7 March 2024, Nationwide announced that they had made an offer to buy Virgin Money UK for £2.9 billion, with plans to rebrand the resulting company under the Nationwide banner over the next 6 years.
April 2024: Return to Office
From April 2024, Nationwide employees are required to come into the office for two days per week.
April 2024: ASA Bans Misleading Advert
In April 2024, the Advertising Standards Authority banned a misleading advert by Nationwide that claimed it was not closing branches.
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