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Report: Nationwide Building Society mulls SME lending

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Report: Nationwide Building Society mulls SME lending

Nationwide Building Society is considering expandinginto the small and medium-sized enterprise lending and current account market,the Financial Times reported, citing"advisers familiar with the plans."

The assessment is part of a widerstrategic review of Nationwide's business, with a focus on tapping digitaltechnology to strengthen its existing model, according to the July 24 report.The company also sent U.K. Chancellor Philip Hammond an outline of itsfive-point strategy that includes ways on minimizing charges for first-timemortgage clients and maintaining lending on low deposits.

Nationwide had looked into enteringthe SME lending market before, but a review in 2013 found that it would needadditional capital to strengthen its IT systems before it could push throughwith the expansion.