Mortgage News
FSA approves Yorkshire and Chelsea merger
The FSA has approved the merger between Chelsea and Yorkshire building societies.
In December, Yorkshire, the UK’s second largest building society and Chelsea, the fifth largest in the country, announced plans to merge.
The merger, which was overwhelmingly approved by members of both societies in January, will create a company with 2.7 million customers, 178 branches and £35bn in assets.
The new organisation will be known as Yorkshire Building Society, although the Chelsea Building Society name will be retained as a separate brand, with its own branches and products.
Iain Cornish, currently chief executive of Yorkshire Building Society, will head up the new operation.
Yorkshire, which has its head office based in Bradford, has 143 branches and assets of over £20bn. Chelsea, whose head office is located in Cheltenham, has 35 branches, approximately 700,000 members and assets of £14bn.
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