Universal and Newcastle Building Societies will merge at the end of the year.
The enlarged society will remain a mutual and will be named Newcastle Building Society.?
Under the merger, current Newcastle chief executive Colin Seccombe will be CEO of the enlarged company. Universal chief executive Kevin Robinson will be appointed director of integration, a non board role at the Newcastle?
Newcastle has guaranteed Universal staff jobs for three years. There will be no compulsory redundancies either within the branch network or at Universals head office as a result of the merger. Newcastle will be retaining the head office building as an administrative office for at least three years.
Robinson says: This is an exciting and important decision for Universal Building Society which offers benefits to our members and staff alike. The proposed merger with the Newcastle will allow our members to benefit from additional products and services.
“The geographical fit of the societies also means that we are able to complete the merger with no requirements for redundancies and offer job security to all our staff for at least three years.