The peculiarly modest Graham Beale has risen through the ranks to preside over the new entity to be formed from the merger between the Nationwide and Portman building societies.
He became Nationwide’s group finance director only three years ago, after 18 months as director of the commercial lending division. At the time Mr Beale said:
“I think, ordinarily, one could expect to stay at that level of management for four or five years, probably longer, before you get a shot at the board. In a way it was brave of Philip to have the confidence to give me the job.”
Mr Beale, 47, will be elevated to the top job next year after Phillip Williamson, the Nationwide chief executive, and Robert Sharpe, the chief executive of Portman, both step down. Analysts say that more deals could be expected from Nationwide because Mr Beale helped to set up its corporate finance team.
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Mr Beale is married with two children.