Nationwide is to create a team of senior management dedicated to intermediary markets and specialist lending subject to its merger with Portman going ahead.
Heading up the team will be Matthew Wyles, who will become a group executive director, with Peter Leydon taking on the role of divisional director intermediary markets and Andy McQueen becoming divisional director specialist lending.
This is the first time that Nationwide will have appointed a main board director to concentrate exclusively on intermediated mortgage business across the entire Group’s spectrum of activity including commercial lending.
Wyles’ and McQueen’s appointments will take effect from the effective date of the proposed merger expected to be
August 28, and Leydon’s appointment will take effect from
Wyles is currently group development director at Portman, where he is responsible for marketing, distribution, mortgage underwriting and credit policy.
He says: “These new appointments underline the importance
Nationwide attaches to its intermediary and specialist lending businesses.
“By bringing the two divisions closer together we will deliver a much more focussed effort in the intermediary market as a whole.
“The combined people, resources and relationships of Nationwide and Portman will create some exciting new synergies.
“We will retain and build on the best of each lender’s proposition.”
Leydon has spent much of his career at Nationwide and has previous experience of leading Nationwide’s intermediary markets team.
He will build on the strong foundations put in place by Tim Hughes – the current head of intermediary markets who will move to take up a new senior position within the society.
Leydon says: “Intermediaries are central to Nationwide’s distribution strategy and it is incredibly important to us that we continue to up our game in this area.
“I am delighted to become Nationwide’s first divisional director for intermediary markets and look forward to demonstrating my commitment to the sector by providing them with first class products and consistently excellent service.”
McQueen will join Nationwide from Portman, where he has been marketing director since 2003.
He previously worked at Goldman Sachs.
McQueen says: “Nationwide, through its subsidiary UCB, and Portman through The Mortgage Works, both have a strong reputation in the specialist lending field especially buy-to-let and self-cert.
“It is clear that specialist lending will play an increasingly important part in Nationwide’s future strategy.
“UCB and TMW are highly complementary businesses with very different products and distribution and I intend to forge these companies into a powerful force in the market.”