Following losses of £26 million Scotland’s largest building society, the Dunfermline, has been sold to the highest bidder. The Nationwide is set to take over the building society’s good loans and mortgages, deposits and branches. The Treasury is to take over around £1.5 billion of debt and commercial lending.
The Dunfermline sale was rushed through by the Bank of England in order to stop it from going bust and was sold in under 48 hours to the Nationwide.
The Bank of England said: “It is business as usual for all customers. Dunfermline’s deposit business will continue to operate normally. Savers can be assured that their money is safe. All of Dunfermline’s staff have been transferred to Nationwide.”
The Nationwide confirmed that the Dunfermline will keep its name and all of its 245 branches, however, some redundancies may be inevitable.