Nationwide to merge with Derbyshire, Cheshire

Nationwide, the UK's biggest customer-owned lender, said on Monday it was to merge with smaller rivals the Derbyshire and Cheshire Building Societies.
Nationwide, the country's second-biggest provider of mortgages, said the tie-ups would create a mutually owned group with assets of 191 bln pounds ($335.9 bln) and 122 bln in retail deposits.
The mergers will be completed without a vote by the three societies' members, and Derbyshire and Cheshire customers will not receive a payout, Nationwide said.