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Shepshed BS and Nottingham BS merger to go ahead

Shepshed BS and Nottingham BS merger to go ahead

Category: Banking

Updated: 12/06/2013
First Published: 12/06/2013

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 It is now over 6 months old so the content may be out of date.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 proposed merger of Shepshed Building Society and Nottingham Building Society will go ahead thanks to financial regulatory approval.

The Prudential Regulation Authority (PRA) confirmed its approval of the merger, scheduled to go ahead on 1 July this year, following an application by both building societies on April 23 this year.

Changes due to occur as a result of the merger, include:

  • Shepshed Building Society members having access to an enhanced selection of products and services offered by Nottingham Building Society, including a broad range of mortgage and savings products, independent financial advice, whole of market mortgage advice and local estate agency services.
  • A full refurbishment of branches in Shepshed and Loughborough and the opening of a new and larger building society branch in Ruddington, Nottinghamshire.
  • Access by members of both societies to all 34 building society branches in Derbyshire, Leicestershire, Lincolnshire, Nottinghamshire and South Yorkshire. Members will be able to access Harrison Murray estate agency services in Leicestershire, Cambridgeshire, Northamptonshire, Bedfordshire and Hertfordshire.

David Marlow, chief executive of Nottingham Building Society, said he believed the merger would be of benefit to members of both mutuals.

"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 1st July," he said.

"We are very much looking forward to welcoming members and staff of The Shepshed to The Nottingham Group."

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