THE cash and asset rich Irish Nationwide building society, currently pursuing "strategic issues" which suggest it may be the next mortgage lender to abandon virtuous mutuality to go clubbing with broader based financial services, is now poised for expansion into Britain. Given limited growth opportunities in the domestic market Irish Nationwide intends to open a branch in London this year results this week show that the Nationwide raised pretax profits by 10.6 per cent to £24.4 million, although profit growth was restrained by a sharp £3 million increase in bad debts to £5 million. With a strong housing market fuelling demand for credit mortgage credit loan advances soared 56 per cent to £240 million.

Although the Government is dragging its heels over a decision of the future of the TSB Bank the society remains an interested potential buyer. However Fingleton pragmatically says he will "not spend too much time chasing rainbows