Nationwide, the world’s largest building society and the second largest savings provider in the UK, has relieved its plans to move to the centre of London, opening a flagship store in Threadneedle Street.

Headquarted in Swindon, Nationwide’s move to open an outlet in the centre of London marks what the building society is calling a ‘major milestone for the City.’

Graham Beale, CEO, Nationwide said of the new branch: "I am pleased that Nationwide is opening a new branch in the heart of the City. Ethical values in financial services are becoming increasingly important and so it is a major milestone for the City to have a mutual at its core. Our mutual heritage means we are ideally placed to provide a compelling alternative to the established banks."

Boris Johnson, Mayor of London, who announced Nationwide’s new store, said: "I am delighted to welcome Nationwide to the heart of London’s financial district in an historic first for the company. As a mutual, Nationwide’s arrival increases the diversity of world-class financial institutions based in the City, helping to keep this vital sector competitive and bringing jobs to the capital."

The new branch will boast seven floors of office space, with a number of building materials ethically sourced. 80% of construction waste was recycled, 100% of wood used was sustainably sourced and between 25-30% of energy costs will be lowered through low usage lighting and water systems.

Threadneedle Street will be the only branch in the capital to achieve gold status in the RICS ska rating for retail scheme, which aims to make bank branches greener.

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Nationwide’s head quarters will remain in Swindon.

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