Building societies announce merger
02 December 2009 16:13:27
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| Two savings account firms have struck a deal. |
Under the current plans, a single building society with £35bn of assets, 2.7 million members and 178 branches would be created by April 2010.
The merger continues a consolidation trend which has swept the UK financial services industry over recent months, as banks and building societies seek stability in the credit crunch and recession.
Santander took over Alliance & Leicester and Bradford & Bingley savings in 2008, while Lloyds TSB and HBOS merged to form the Lloyds Banking Group in a government-backed deal in January 2009.
Several building societies have also agreed to mergers, with the Skipton joining forces with the Scarborough and Nationwide, the UK's largest mutual, taking over the Cheshire, the Derbyshire and the Dunfermline.
The Chelsea and Yorkshire deal, once complete, will create the second-largest building society in Britain.
Members of both societies will vote on the proposals early next year and the agreement is also subject to approval from the Financial Services Authority.
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