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PRA gives green light to Nottingham and Shepshed merger

The Prudential Regulation Authority has approved the merger of Nottingham Building Society and Shepshed Building Society.

The two societies agreed in principle to merge in December, subject to approval by the regulator and members.

The merger was approved by Shepshed members at its annual general meeting on 23 April and is expected to complete on 1 July.

Nottingham chief executive David Marlow says: “The announcement by the PRA today is one of the final steps in our merger with the Shepshed in the run up to our anticipated completion date of 1 July.

We believe the merger will bring many benefits to the members of both the Shepshed and The Nottingham.”

When the deal was first touted in December, it was agreed that Shepshed’s three branches would remain open for a minimum of three years and there would be no compulsory redundancies as a result of the merger.

The enlarged society will assume the Nottingham Building Society brand. Nottingham BS has over 30 branches.

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