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Nationwide Building Society, the worlds largest building society, is the countrys 4th largest mortgage lender and in the top 10 of UKs financial institutions in terms of assets size. Having its start in the 1850's, Nationwide has been able to complete over a hundred mergers, the key one being the merger with Anglia Building Society in 1987. Nationwide is still committed to staying mutual meaning that the society is operating solely for the benefit of its members. The main goal of the society is to provide valuable lending and savings products and charge as little as possible for all the day-to-day activities. The loans that the society makes are always secured by the residential property and are funded through the deposits of the members.
The members of the society fall into two categories: borrowing or those that have a mortgage from Nationwide and investing or those that hold a FlexAccount (savings account). Deposit accounts, insurance, personal loans, credit cards or products of the subsidiaries do not provide membership rights. Being a member of the Nationwide Building Society gives an opportunity to participate in the organisations management and vote on various issues and appointments.
Nationwide has a number of subsidiaries that are responsible for specific lines of products within the society. UCB Home Loans limited, for example, is one of UKs top specialist lender of mortgage loans. Nationwide Mortgage Corporation Limited purchases and runs mortgage portfolios of other institutions. Nationwide Investments Ltd. provides investment advice to the members.
Socially responsible business is a priority for Nationwide. The society is actively involved in various charitable initiatives through the Foundation, a charity organization set up by Nationwide where members of Nationwide automatically become members of the Foundation. Other community activities are conducted by the Community & Environmental Affairs team with volunteers involved in various community-serving projects around the country. The company firmly believes that great business success and strong community work have to co-exist in order for the society to continue its growth. Nationwides members appreciate these efforts and reward the company with support toward their products.
Setting Nationwide aside from the competition is its dedicated effort to respect the rights of consumers. Nationwide was the first to publish Summary Boxes on all credit card information which clearly presents to the consumer all fees and charges usually hidden in the fine print.
Some of the societies other achievements include being UKs second largest savings provider that is opening 3,000 new accounts daily. UKs 4th largest lender, Nationwide has 1.2 milion mortgage accounts. Nationwide clearly demonstrates that the strategy of commitment to the interest of its members, financial innovation and social responsibility can produce significant results and continued growth.
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