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Building society to call on merger and acquisition consultants?

Norwich and Peterborough building society might make use of merger and acquisition consultants.

20 December 2010

Merger and acquisition consultants might prove useful for Norwich and Peterborough (N&P) building society, which is in early discussions with a number of parties about the possibility of joining together.

A number of potential suitors have approached the firm, the ninth-largest mutual in the UK, with a merger possible in the early months of next year.

These include the likes of JC Flowers, the private equity investor that is looking to create a foothold in financial services, as well as some of its rivals, reports the Financial Times.

According to bankers, the company may also be a target for new entrants looking to establish themselves in the banking market, such as NBNK - a venture set up by Lord Levene - the head of the Lloyd's of London insurance market, or Virgin Money.

A spokesperson at N&P said in the past year, the building society had received "a number of expressions of interest from parties in connection with a possible merger or injection of new capital".

The chairman of international mergers and acquisitions at Morgan Stanley Scott Matlock recently stated more activity is likely to be seen in the new year.  

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