The closure of a Nationwide branch in Westbourne is a blow to residents. The building society had been in the town for over 150 years and its Westbourne branch was a long-standing local organisation. After careful consideration, it is now closed to Westbourne Countryside. The closure of its Westbourne branch was attributed to a lack of new business. A majority of Nationwide Westbourne’s customer base is made up of older people. Those who prefer to bank in branches rather than online. Sadly, the nearest branch is still in central Bournemouth.
Portman Branch – Nationwide Westbourne
After a recent merger, Portman Nationwide converted the branch into a pizza restaurant. The Portman branch was so busy that it was decided to convert it into a pizza outlet. The decision to close the branch has been taken keeping in mind the needs of the customers. Earlier this year, the bank reported a 46 percent fall in profits. However, this has not stopped the branch from becoming a pizza outlet.
Portman Building Society was established in 1886. It entered into a joint agency with the Bridgewater and West of England Permanent Building Society in 1938. The partnership generated regular business from the West Country. The Second World War disrupted business as 18 members of staff joined the armed forces. During the war, the society promoted the sale of Government Savings Certificates. During the 1940s, the society also benefitted from rising private house prices and financed many sales in the private rented sector. In 1948, the company relocated to 40 Portman Square. By 1979, it had grown to 29 branches and 50 branches.
After nearly a year of planning, Portman and Nationwide Building Societies merged. The new company is the third-largest building society in the UK. Portman will no longer exist on the high street. The two companies offer personal financial services such as mortgages and savings accounts to individuals. While banks are not mutual institutions, building societies are owned by members and account holders. The new company name will reflect this change.
Nationwide building society
After a merger, Nationwide converted the old Portman branch into a pizza restaurant. Residents are delighted, as the branch is a popular local haunt. Nationwide says it took careful consideration of the customer needs when deciding to close the Westbourne branch, and that the closure is a result of a decline in new business. But the closure of the branch comes as the company reported a 46 percent fall in profits earlier this year.
The society has had a turbulent history. It was founded in 1846 as the Provident Union Building Society, which eventually became Nationwide. The society has gone through more than 100 mergers since its inception in 1846. and has become one of the largest providers of household savings in the UK. Nationwide currently holds 7.7% of the market share in current accounts. But it was not always so rosy. A recent report shows that Nationwide has been unable to avoid mergers.
The company merged with several other building societies in the mid-1980s, including the Leeds Permanent Building Society and the Mercantile & West of England Building Society. It also merged with the City & Metropolitan Building Society and the Stroud & Swindon Building Society. In 1987 Nationwide Building Society merged with Leeds Permanent and Peterborough Building Societies. By 1995, the firm was known nationwide.