FSA approves merger of Yorkshire and N&P building societies
They will now make up the second biggest building society in the UK.
The Financial Services Authority (FSA) has confirmed a merger between Norwich & Peterborough (N&P) Building Society and Yorkshire Building Society.
Business negotiations between the two parties were already concluded, but approval was required from the FSA and it derives its power from the Financial Services and Markets Act 2000.
Once the process has been completed, which is expected to be on November 1st, the group will be the UK's second largest building society, with 224 branches and over three million customers.
Tanya Jackson, corporate affairs manager for the Yorkshire, said: "The merger will strengthen the long-term position of the enlarged society, making us better placed to compete and to deliver greater value to all our members as the merger benefits are realised."
In recent years, the Yorkshire has also merged with the Barnsley Building Society and the Chelsea Building Society, which means it may have been well prepared for the sales negotiations that took place.
Posted by David Gleck
Source: FSA press release, Yorkshire Post, Northern Echo, September 24th