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Leeds set for merger with Mercantile

Leeds and Mercantile building societies are set to merge to create a company with 7bn of assets under management.

The new venture will use the Leeds Building Society brand and the aim is to complete the deal by August 1.

The societies have combined assets of 7bn, with 6.7bn from Leeds, 69 branches and 1,000 staff. Current Leeds chief executive Ian Ward will become chief executive of the new soc- iety and Mercantile chief executive Gordon Robinson will become North- east director. Mercantile chairman John Anderson will join the new Leeds board.

Robinson says: “This represents excellent news for our members and an exciting opp-ortunity for both societies. The merger will result in our members becoming part of a soc- iety with substantially greater total assets.

“The interests of staff have also been at the forefront of our minds and this deal gives them job security along with greater training and career opportunities.”

Ward says: “This is great news for customers of both societies. Members of Leeds Building Society will see their society grow and increase its branches in the North-east. The enlarged society will give us the opportunity to build further on our growth capabilities.”

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