Yorkshire & Chelsea merger completed
| 1 April 2010 | A new chapter for mutuality Yorkshire and Chelsea building societies merger completed |
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A new chapter for mutuality
1 April 2010
Yorkshire and Chelsea building societies merger completed
The merger of the Yorkshire and Chelsea building societies completes today (1 April), creating a second major force in the building society sector.
The enlarged Society will be known as Yorkshire Building Society, with the Chelsea Building Society name being retained and operated as a separate and distinct brand within the Yorkshire Group. It will have assets of over £30 billion, 178 branches and 2.8 million members. The merger, which was approved by an overwhelming majority of members from each society in January, will provide consumers with a secure and credible alternative to the high street banks.
The enlarged Yorkshire will continue to be owned and run for the benefit of its members, offering good value products and excellent customer service. Branches will remain in all communities where either the Yorkshire or the Chelsea currently has a presence, and members will continue to enjoy the personalised service to which they are accustomed.
Iain Cornish, who is chief executive of the enlarged Yorkshire Building Society said: "This is an exciting day in our societies' histories, heralding the beginning of a new chapter. Our focus now is on successfully integrating the two organisations, which we anticipate will take between 12 and 18 months".
"I am also pleased to report that in the period 1 January to 28 February 2010, the combined performance of the two societies has delivered a pre-tax profit, while our lending increased by over 200% compared to the same period last year. This performance is ahead of our expectations and as the benefits of the merger are realised our ability to deliver value to members will continue to increase."
About the enlarged Yorkshire Building Society
| Yorkshire Building Society | |
|---|---|
| Head office: | Based in Bradford – with an operating presence retained in Cheltenham |
| Size: | 2nd largest building society |
| No of branches : | 135 Yorkshire Building Society 35 Chelsea Building Society 8 Barnsley Building Society |
| No of agencies: | 79 |
| No of savers: | 2.5m |
| No of borrowers: | 435,000 |
| Total members: | Approx 2.8 million |
| Asset size: | £31.1 billion |
| Size of mortgage book: | £26 billion |
1 April 2010
Updated: 30 July 2010
For more information contact:
| Tanya Jackson Corporate Affairs Manager |
Gethin Evans Media Relations Officer |
|---|---|
| Tel: 01274 472005 Mobile: 07881 501098 |
Tel: 0845 1200 890 Mobile: 07843 368155 |
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority. It is entered in the FSA register and our FSA registration number is 106085.
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