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Yorkshire/N&P merger set for November

Yorkshire/N&P merger set for November

Category: Banking

Updated: 14/12/2012
First Published: 26/09/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The merger of Yorkshire Building Society and Norwich & Peterborough (N&P) Building Society has been given the green light by the Financial Services Authority.

In a statement, the regulator confirmed the deal will be completed on 1 November.

The coming together of Yorkshire, the UK 's second largest building society, and N&P, the ninth largest, will create an enlarged society with three million members and 224 branches.

The proposed merger was announced in April and received the approval of N&P's saving and borrowing members in August.

Of the N&P saving and borrowing members who voted, 89.61% of eligible savers and 87.22% of eligible borrowers, voted in favour of the resolutions.

In order for the deal to go ahead, the savers' resolution required at least a 75% majority and the borrowers' resolution required a simple majority in favour.

N&P members had been urged to vote in favour of the deal after the society agreed to set £51 million aside to reimburse its customers affected by the Keydata scandal.

The society was also fined £1.5 million by the FSA for failing to give suitable advice to the 3,300 customers who invested in the products of the now defunct investment firm.

Although the new society will be called Yorkshire Building Society, the N&P brand will be retained as a separate brand, similar to the Chelsea and Barnsley brands.

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