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Yorkshire BS to take over Egg

Yorkshire BS to take over Egg

Category: Banking

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 It is now over 6 months old so the content may be out of date.

Yorkshire Building Society has announced that it has agreed a deal to acquire Egg Banking's savings and mortgage businesses.

The deal will see the mutual take on Egg's £2.5 billion savings book and £430 million mortgage book.

All Egg customers will become members of the building society once the deal is rubber stamped and will have access to Yorkshire's 178 strong branch network.

It is the latest in a line of acquisition deals completed by the provider.

It merged with Barnsley Building Society in 2008 and Chelsea Building Society in April last year, while it is also waiting for the go ahead to complete its takeover over Norwich & Peterborough Building Society.

The building society said the acquisition of the Egg savings and mortgage books was in line with its strategy to take advantage of opportunities which it considers to be in the long-term interests of its current and future members.

This process is subject to approval by the High Court, which amongst other considerations will take into account the opinion of the Financial Services Authority (FSA).

The acquisition is expected to complete in the fourth quarter of 2011.

Yorkshire Building Society said the deal would enhance its position in the savings market and boost its lending capacity.

"We are looking forward to welcoming Egg's mortgage and savings customers to the Yorkshire," Iain Cornish, chief executive of Yorkshire Building Society, commented.

"Continuing to provide them with the outstanding service, administration and value that they have been used to, and which is consistent with our own approach, will be a priority for us and we will work closely with Egg to ensure that customers are kept fully informed throughout this transfer process."

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