Fears for Nationwide agencies network

The future of about 150 Nationwide Building Society agencies is under threat, it was reported yesterday.

The mutual is understood to be considering axing its network of agencies based with firms such as solicitors and estate agents in a move that could impact hundreds of workers.

Nationwide’s agency network trades under the Nationwide banner, as well as the Cheshire, Derbyshire and Dunfermline brands, although staff that man the counters are not directly employed by Nationwide.

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The counters operate within firms such as estate agencies, solicitor offices and financial advisory companies, providing basic banking services to local communities that often do not have a dedicated bank branch.

A statement on agency closures could come as soon as tomorrow, according to the Mail on Sunday report.

The decision would come just two months after Lloyds Banking Group said it was closing its 265-strong network of Halifax-branded agencies as part of ongoing cost cutting.

Nationwide remained tight-lipped on plans for its agencies, but said on releasing full-year results in May that it was reviewing its distribution network.

Its 850 branches are not expected to be affected by the agency decision.