For a merger to proceed, the boards of both societies would need to be satisfied that it will be for the benefit of each society’s members.
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 (FSA).
A merger has the potential to create a second major force in the building society sector with assets in excess of £35bn.
Further updates will be given as appropriate.
Yorkshire, which has its head office based in Bradford, is the UK’s second largest society with 143 branches and assets of over £20bn.
Chelsea Building Society has its head office in Cheltenham and is the UK’s fourth largest society with approximately 700,000 members, 35 branches and assets of £14bn.
