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Yorkshire Building Society agrees terms for N&P takeover

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…

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So, I suspect we will see even more mis-selling of Structured Bond products as a result of this takeover, due to the fact that Yorkshire Building Society together with Chelsea are advertising and selling a so-called Protected Account, giving a minimum rate of return of 23.5% over six years. I recently wrote an article on this product when it was offering 18%, these products are completely misleading and surely it is about time that the regulator takes action against organisation to protect consumers. Sorry, it’s a Building Society and no doubt they’ll turn a blind eye and we as IFA’s will pick up the tab.

    http://essentialifa.wordpress.com/2010/11/18/chelsea-building-society-misleading-18-capital-protected-bond/

  2. Whilst the terms of this product are clear, the Headline is undoubtedly misleading.

    I’m sure if an IFA displayed a similar poster at their premises, the regulator would come down on them.

  3. I think YBS are getting too big to quickly, more of a mini bank now, shame

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