Acquisitions promote growth in Yorkshire Building Society
The Yorkshire Building Society made many mergers and acquisitions in 2011.
Yorkshire Building Society has reported its financial performance last year was particularly strong, which enabled it to use negotiation skills to make some significant and successful transactions.
This included the acquisition of Egg Banking's savings and mortgage balance, as well as a combination with Norwich & Peterborough Building Society.
Further activity included the successful integration of Chelsea Building Society into the group, which involved transferring a large number of Chelsea's systems to a common platform throughout the society.
Following this merger, it made a yearly cost synergy of £33 million.
The firm raised its core operating profits to £163 million, representing a 27 per cent growth, while the amount of lending it carried out rose by 46 per cent.
At the recent Moneyfacts Consumer Awards, the business was named Best High Street Savings Provider 2012.
"Our focus for 2012 will be to ensure that we take full advantage of the opportunities presented by our newly enlarged business," Yorkshire Building Society chief executive Chris Pilling declared.
Posted by Ron Maverick
Source: Yorkshire Building Society press release, February 23rd