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Societies confirm Stroud & Swindon Coventry merger talks

Coventry Building Society and Stroud & Swindon Building Society have confirmed that they are in talks to merge the two mutuals.

S&S sales and marketing director Linda Will told the BBC that early negotiations are happening between the societies

Will said: “We are in very early stage talks about which there is no detail.”

A statement from Coventry also confirms talks are happening, but stressed that no decision has yet been made.

It says: “There is no certainty that these will lead to a merger, which would only proceed if it were to the benefit of both sets of members.”

Coventry, the third largest building society in the UK, has assets of £18.4bn and 48 branches throughout the Midlands It recently posted profits for 2009 of £56.2m.

S&S has assets of more than £2.5bn with 22 offices and 21 agencies in the South West.

S&S has also appointed John Sutherland as chief executive

Sutherland joins from Nationwide Building Society where he has spent over 20 years in senior management, latterly as executive director, sales and marketing.

Prior to working for Nationwide he spent 14 years in various roles at Lloyds TSB.

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