LONDON (AFX) - The Nationwide, the UK's biggest building society, is to face a new challenge from carpetbaggers aiming to convert it into a bank, reports the Times. The report says that Andrew Muir, a director of a financial recruitment firm, intends to submit a conversion resolution to the society this week. At least 500 signed forms from members backing a resolution to demutualise must reach the Nationwide by April 4. The report says that Muir is seeking election onto the Nationwide board. "I have a pile of papers at home, both nomination forms for director and resolution forms," said Muir. "I probably have a lot more forms than I actually need. I am going through them and will put them in the post." Muir has made two unsuccessful attempts to force Nationwide to demutualise but is confident he will be third time lucky. A vote in favour of demutualisation could result in payouts of 1000 stg for some of the Nationwide's savers and borrowers. "I am hopeful this time that the Nationwide board will allow the resolution to go through," he said. "I hope the board will allow a fair vote."