Bank of America, Citi, Jefferies and UBS Investment Bank have been mandated as joint lead managers for the transaction. The resale represents around 778,000 shares based on a secondary mid-market price of 128.5p per share on Wednesday.

Nationwide established an open market repurchase facility on February 20, 2023, to manage its common equity tier 1 position. In February 2023, it conducted two repurchase exercises under the facility, acquiring a total of 1,433,155 Core Capital Deferred Shares, which have remained on its balance sheet.

The shares have a nominal value of £1 each and the resale will be conducted through a bookbuilding process managed by the joint lead managers, with allocation determined according to applicable regulations and customary processes.

The transaction is expected to come to market soon, subject to market conditions. If completed, the total number of Core Capital Deferred Shares in issue will remain unchanged but the firm’s capital will increase.

The results of the transaction will be released once pricing is completed. Nationwide stated the net proceeds will help strengthen its regulatory capital base and general business purposes.