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Nationwide has today confirmed the completion of its takeover of the Portman Building Society.

In a statement, the UK's largest building society stressed that the merger would make the group the second-largest retail mortgage lender and retail savings provider in the country.

The merger between the Portman and rival group Nationwide, which was first publicly proposed almost a year ago, has created a financial institution with assets in excess of £160 billion.

In addition, the enlarged building society will also boast around 13 million members and over 900 retail outlets.

Nonetheless around 900 jobs are expected to be lost as a result of the merger, with many to go following the closure of branches in areas where those run by Nationwide and the Portman overlap.

However Nationwide today stressed the positive impact that the merger would have on its business, describing the completion of the takeover as the "start of an exciting new chapter" in the building society's history.

"The completion of our merger with Portman is a major step forward for us and will underpin our future success," said Nationwide chief executive Graham Beale.

"Together we will use our combined strength and size to build an even stronger member owned society," he added.

Portman members, who approved the takeover deal in April, will receive windfalls of up to £1,000 each as a result of the merger.

The tie-up between Nationwide and the Portman increases the consolidation of the building society sector, with a number of major societies having been bought by banks in recent years.