ON WEDNESDAY, Nationwide UK had the builders in to refurbish what will be its first high street branch on Dublin’s Merrion Row. Managing director Brendan Synnott hopes to open it in four to six weeks, some two years after the building society launched here with online savings products.

“People told us they wanted to see us have a physical presence so it’s a response to customer demand,” he said.

Nationwide has reportedly signed a 10-year lease and agreed to pay €58,000 annually in rent for its Merrion Row outlet.

But those hoping that Nationwide – not to be confused with the banjaxed Irish institution once run by Michael Fingleton – might expand its product range beyond its existing suite of savings products will be disappointed.

“There’s no intention to go down the mortgage route or to offer personal loans,” Synnott said, adding that its customers are saving on average €60,000-€70,000 each.

Will it open more branches? “We’ll review the success of this one first but we might look at replicating the model at other densely populated centres in Ireland.”