His share stake in the bank, together with the brand licence fee, is reckoned to be worth at least £650million. As cheering as it might be to see the man often voted as Britain’s most popular business person rewarded, Nationwide members including this writer, might want to question whether this is the best use of resources. As with many firms in the financial sector, Nationwide has been a beneficiary of a 5.25 per cent Bank of England base rate. As a mutual, Nationwide doesn’t do direct distributions. The 2009 merger of the Co-operative Bank and Britannia Building Society turned out to be a disaster for all those involved including advisers on the deal.

Source: Daily Mail March 13, 2024 07:27 UTC