Nationwide sale sends senior execsin search of pastures new

With the sale of Irish Nationwide seemingly imminent, some of the building society's executives are looking to their future. "Long awaited but too soon arrived" seems to be the mantra of some senior employees who fear they may not figure in the shake-up which will inevitably follow a takeover.

If a foreign bank buys the society, it may replicate the experience of National Irish Bank, bought by Danske Bank.

Within months of that purchase, a totally new banking culture was introduced, provoking departures of some senior bankers. Apart from the complications of a changed IT system, integrated into the Danish model, the new culture was - in the view of some departed executives - not as customer-friendly as the old.

"Friendly" is not the word used by some of the victims of National Irish Bank over-charging, which led to the sale.

Still, with those compensated, customers trying to have a "friendly chat" with their bank manager find themselves, under the new owners, diverted to a call centre. Now, as Irish Nationwide opens its books to impending purchase, executives used to the old ways are scouting for alternative employers.

Some leading mortgage houses will be the beneficiaries. Although Michael Fingleton led a rough and ready ship in the view of some, he was - and is - a deal-maker who knew how money and property meshed to produce profits, putting the society's money where other lenders feared to tread and gaining the profits.

Many an ambitious manager learned from Fingleton, as indeed did leading developers of our time, who have cause to thank him for confidence in their judgements. Of course, the property boom vindicated what in other times might have been too close a call.

Whether Fingleton will continue to lead Irish Nationwide under a new owner is highly speculative. Hence the departure of some key executives to other pastures, even before the contracts have been drawn up with the new owners.