FSA gives planned Skipton and Chesham merger the green light
The proposed merger between the Skipton and Chesham building societies has been given the go-ahead by the FSA.
The Financial Services Authority (FSA) has given its approval to
negotiations for a merger between the Chesham Building Society and
the Skipton Building Society.
Just last year, the City regulator gave the green-light to
Skipton's proposed merger with the Scarborough Building Society as
the latter continued to suffer on the back of the global economic
Now, with four in five of Chesham's borrowers and savers having
expressed their support of the move at the negotiations held at the
building society's recent Annual General Meeting, the FSA has given
its official approval to the possible merger.
It is anticipated that the deal will be finalised at the start
of June, with the Yorkshire building society planning to keep the
branches of its smaller counterpart open for the next 12 months
before launching a review into branding and high-street
Skipton recently announced the launch of its new 95 per cent
mortgage, prompting some observers to note the levels of confidence
returning to the UK property market.