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Yorkshire and Chelsea building societies in merger talks

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Two of the UK's biggest building societies are in advanced talks about a potential merger. The Yorkshire Building Society, the UK's second biggest society, and Chelsea, the fifth biggest, are negotiating a deal which could result in a merger that would have nearly 3 million customers and £35bn in assets. The societies issued a joint statement saying that for the merger to go ahead, both boards would have to be satisfied that it was in the interests of the members of both societies.

 

"The Yorkshire and Chelsea both share a commitment to mutuality and local communities and a merger has the potential to create a second major force in the building society sector with assets in excess of £35bn," the statement said.

 

"Any merger would require the formal approval of both the Yorkshire and Chelsea savings and borrowing members. The merger would also be subject to confirmation by the Financial Services Authority. No action is required by members at this stage."

 

The Yorkshire, which has its head office in Bradford, describes itself as having a traditional business model with "excellent" capital strength, high levels of liquidity and a solid retail funding base. Chelsea has its head office in Cheltenham and specialises in the direct mortgage and savings markets.

 

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Yorkshire and Chelsea building societies in merger talks | Money | guardian.co.uk


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