The Yorkshire and Chelsea building societies consider merger deal - The Yorkshire and Chelsea building societies are currently in "advanced talks" to consider the possibility of merging.
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The Yorkshire and Chelsea building societies are currently in "advanced talks" to consider the possibility of merging.
Author: Sam Gooch
Date: Dec 3, 2009 - 12:01:54 PM
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The Yorkshire and Chelsea building societies are currently in "advanced talks" to consider the possibility of merging.
The Yorkshire is the second largest building society in the United Kingdom, with Chelsea at number five.
If the deal were to go ahead, it would create the second largest mutually owned mortgages and savings accounts provider to competitor the Nationwide.
In August, Chelsea set aside £41m for mortgage frauds, a key factor to the society falling short with a half-year loss of £26m.
The Yorkshire currently has two million members across 143 branches which could soon be joined to Chelsea's 700,000 members and 35 branches.
Chelsea said: “The board has been undertaking a detailed review of the society’s activities, operations, financial position and corporate structure. As part of this, Chelsea has considered the potential benefits to members and other stakeholders of a merger and this has culminated in discussions with the Yorkshire.
“There can be no certainty that a transaction will take place. For a merger to proceed, the boards of both societies would need to be satisfied that it will be in the benefit of each society’s members. The merger would also be subject to approval by each society’s members and the FSA.”
A merger could be seen as a desperate measure from Chelsea, whose new chairman Stuart Bernau, has been reviewing the societies future and whether or not it can stay independent.
Chelsea was one of the victims of the two failed Icelandic banks. It had to write off £44m in 2008, which was the bulk of its investments in the banks.
Chelsea also had to write off an additional £15m after buying a mortgage broker in 2007 which subsequently collapsed due to the credit crunch.
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