British Mortgage Lender Nationwide Building Society Announces Takeover of Two Smaller Rivals

The Nationwide Building Society, a British mortgage lender, said today it is taking over 2 smaller rivals. Nationwide said it will absorb the Derbyshire and Cheshire building societies. The two small lenders sought out Nationwide to ease financial woes stemming from the global credit crunch. Both have said they expect to report losses for the first half of 2008. Nationwide