Irish Nationwide sought tie-up with UK building society

2Pack · November 30, 2009, 8:08am

The pathological legacy of fingers has not gone you know .

irishtimes.com/newspaper/fin … 10170.html

IRISH NATIONWIDE, which will shortly need capital to absorb mounting loan losses, approached its namesake, Nationwide Building Society, in the UK in September about making an investment but the approach came to nothing.

Gerry McGinn, chief executive of Irish Nationwide, contacted senior management at Nationwide in the UK about a potential tie-up between the two mutuals, according to sources with knowledge of the society’s approach.

Irish Nationwide put considerable work into assessing a possible investment by Nationwide, pressing the benefits of the Irish building society’s 50-branch chain and €4 billion in retail deposits.

The approach was made as Nationwide said in September that it would seek to increase its presence in Ireland after the growth in its Irish deposit base was “in line or slightly higher than expectations” since opening an office at Spencer Dock in Dublin last April.

spqr64 · November 30, 2009, 10:08am

2Pack:

The pathological legacy of fingers has not gone you know .

irishtimes.com/newspaper/fin … 10170.html

IRISH NATIONWIDE, which will shortly need capital to absorb mounting loan losses, approached its namesake, Nationwide Building Society, in the UK in September about making an investment but the approach came to nothing.

Gerry McGinn, chief executive of Irish Nationwide, contacted senior management at Nationwide in the UK about a potential tie-up between the two mutuals, according to sources with knowledge of the society’s approach.

Irish Nationwide put considerable work into assessing a possible investment by Nationwide, pressing the benefits of the Irish building society’s 50-branch chain and €4 billion in retail deposits.

The approach was made as Nationwide said in September that it would seek to increase its presence in Ireland after the growth in its Irish deposit base was “in line or slightly higher than expectations” since opening an office at Spencer Dock in Dublin last April.

Its hard to work out whether the UK Nationwide directors just slammed the shutters down when approached or just sniggered up their slieves and said fu** that for a box of choclate.