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Coventry in merger talks with Stroud & Swindon

Coventry and Stroud & Swindon building societies have revealed they are in talks over a possible merger.

Both societies say talks are in the early stages and nothing has yet been agreed.

Stroud & Swindon sales and marketing director Linda Will says: “Talks have only been going on for a matter of a few weeks. Nothing of substance has yet been reached or agreed. At this moment, it is more about exchanging information.”

Coventry recently announced profits of £56.3m for 2009. It is the UK’s third-biggest society and has assets of £18.4bn. It has a network of 48 branches throughout the Midlands.

Stroud & Swindon posted £3.4m losses for 2008 and has yet to announce 2009 results. It has assets of £2.5bn, with 22 branches and 21 agencies within solicitors or estate agencies in the South-west, collecting retail deposits.

Recent society consolidations include Skipton and Chesham announcing a merger last month while Yorkshire and Chelsea building societies said last December that they were to merge.

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