Nationwide Acquires Dunfermline's Social Housing Portfolio

Nationwide Building Society is pleased to announce that it has made a successful bid for the social housing portfolio and associated business operations of Dunfermline Building Society from DBS Bridge Bank Limited.

The portfolio includes £482 million of lending to housing associations which provide properties for rent to people in Scotland. In addition there is a pipeline of £190 million of committed lending which has not yet been drawn upon.

Nationwide is in a strong capital position and will not need to raise additional funding to finance this acquisition.

Nationwide is a long term partner to the social housing sector having provided over £9 billion in funding in over 50 years.

Nationwide's chief executive, Graham Beale, said: "We are very pleased to be extending our operation in Scotland. Nationwide is the natural purchaser of the social housing portfolio following our close association with Dunfermline over the last few months. We look forward to supporting social housing in Scotland in a way that is consistent with our existing approach to lending in Scotland and the rest of the UK.