Yorkshire Building Society has agreed terms to takeover Norwich & Peterborough Building Society.
The proposed merger will create a building society of three million members and 224 branches. The combined society will be known as Yorkshire Building Society, however the N&P name will be retained as a seperate brand within the business.
Yorkshire Building Society is currently the second largest building society with over £30bn of assets. N&P is currently the ninth largest with £3.7bn of assets. The merger is subject to the final agreement by the boards of both societies. The proposed merger is expected to conclude on November 1, 2011.
Yorkshire Building Society chief executive Iain Cornish says: “N&P has similar values to the Yorkshire. It shares our commitment to mutuality and our determination to deliver long-term value and exceptional customer service to our members. Its traditional building society activities remain profitable and it is well regarded in the communities it serves in the east of England.
“We will build on N&P’s strong brand and the value it has delivered to its members, while gaining the opportunity to consider developing our own products in areas where N&P has complementary capabilities and expertise, such as the current account market.”
More to follow…