Nationwide UK Named One of World’s 50 Safest Banks
Update: In 2017, Nationwide UK officially closed its doors.
Global Finance has published its 19th annual list of the world’s safest banks, and for the second consecutive year, Nationwide UK is included on the list. Nationwide (UK) Ireland will open its first retail branch in Dublin this Autumn. It grabs the No. 47 slot. The only other UK banks to appear are HSBC and Barclays. Unsurprisingly, no Irish banks feature.
The ‘World’s 50 Safest Banks’ 2010 list was compiled by comparing the long-term credit ratings and total assets of the 500 largest banks worldwide. Ratings from Moody’s, Standard & Poor’s, and Fitch were used to compile the list.
Commenting on the results, Global Finance publisher Joseph Giarraputo said: “Banks that have strengthened their liquidity positions and the quality and quantity of their capital are recognized in these rankings. More than ever, customers worldwide view long-term creditworthiness as the key feature of banks with which they do business.”
Brendan Synnott, managing director of Nationwide UK (Ireland), added, “The fact that we have been included for a second year on the list is a testament to a very resilient performance in current market conditions. It demonstrates the continued strength of our structure and prudent approach to managing our business.”
Nationwide UK (Ireland) employs 21 people at its Spencer Dock offices in Dublin’s IFSC.
French, Dutch, and German banks fared best in the Global Finance survey, with KfW of Germany at No. 1, followed by Caisse des Dépôts et Consignations (CDC) of France and Bank Nederlandse Gemeenten (BNG) of the Netherlands.
Photo: Nationwide’s first high-street branch on Merrion Row, which is due to open in the autumn
About Nationwide UK (Ireland)
Nationwide UK (Ireland) was a significant player in the Irish banking sector, operating as a branch of Nationwide Building Society, one of the largest building societies in the United Kingdom. Established in Ireland in 1987, Nationwide UK (Ireland) provided financial services to Irish customers, including savings accounts, mortgages, and personal loans. The institution was known for its competitive interest rates and customer-focused approach, which helped it build a strong presence in the Irish market.
Throughout its operation in Ireland, Nationwide UK (Ireland) positioned itself as a stable and reliable alternative to traditional Irish banks. It weathered the 2008 financial crisis better than many competitors, partly due to its conservative lending practices and the financial strength of its parent company in the UK. This stability made it an attractive option for Irish savers, particularly during economic uncertainty.
However, in 2017, Nationwide Building Society announced its decision to close its operations in Ireland as part of a strategic review of its business. The closure process was carefully managed to ensure minimal customer disruption, with accounts being wound down or transferred to other institutions. By 2018, Nationwide UK (Ireland) had ceased all operations, marking the end of its three-decade presence in the Irish financial landscape. Despite its departure, Nationwide UK (Ireland) left a legacy of providing reliable banking services and contributing to the competitive landscape of the Irish financial sector.