Swindon-based building society Nationwide is to open a base in the City of London, it announced today, in a move that positions it closer to the historic heart of the UK financial services sector.
Nationwide recently acquired a building in Threadneedle Street, close to the Bank of England, which will become its London office from next year. A spokesman for Nationwide said the relocation will not affect staff based in Swindon where it employs around 4,500 people at its head office.
The building society also has major administration centres in Northampton, Bournemouth and Dunfermline. The spokesman said the move is likely to involve workers at Nationwide'sexisting treasury office in Northampton.
The new London office will be particularly important for Nationwide's treasury function as it is close to key stakeholders such as the Bank of England, HM Treasury and credit rating agencies. It will also ensure that the team is able to continue to retain and attract staff with the skills and experience necessary to support Nationwide, the UK's largest building society.
As well as presenting a significant opportunity to strengthen its branch presence in the Square Mile, the site offers flexibility in terms of capacity for future growth.
The property is a self-contained building with seven floors of offices above a ground-floor retail unit which will become the new branch.
Nationwide expects to start moving employees into the office from the middle of next year.
Chief operating officer Tony Prestedge said: “This is a good move for Nationwide which means our key treasury and board functions will be in the heart of the City with easy access to regular day-to-day contacts.
“This relocation is part of the on-going transformation and modernisation of Nationwide and supports our ambitious plans for growth.”
