The society is sending out approximately 1,2 million booklets ahead of the AGM, scheduled for 23 April 2007.
Following the announcement, on 12 September 2006, of the proposal to merge Nationwide and Portman Building Societies, the Boards of the two societies are now able to communicate further details. The Portman merger booklet pack will cover the following:
• AGM resolutions and voting
• Proposed merger process and rationale
• Bonus details for qualifying Portman members
• Information for Portman savers and borrowers
• Bringing the combined branch and agency network together
• Director changes
• Impact on Portman staff
• Financial information on both societies
Robert Sharpe, chief executive of Portman, said: "Merging two of the largest and most successful building societies will create a mutual of impressive strength and size in the UK retail mortgage and savings market. I believe this is a great deal for Portman members. They will enjoy an ongoing interest in the enlarged society and will benefit from a greatly increased branch network spanning the country. They will also have access to a wider range of attractively priced products, together with more comprehensive telephone and internet banking services. Qualifying members will receive a pre-tax merger bonus of between £200 and £1,000, if they are a saver, and £200 if they are a borrower."
Graham Beale, Nationwide’s chief executive designate, said: "We believe that Nationwide has a great deal to offer the members of Portman. The enlarged society, with its strong commitment to mutuality, will be in an even stronger position to deliver real value to its members through better product pricing and excellent service. As the UK's largest mutual we continue to provide a compelling alternative to the big retail banks."
