A majority of 91% of savers and 90% of borrowers passed the merger. The move is the first step towards creating a major force in the building society sector, with assets of over £35bn, 2.7 million members and a national network of 178 branches.
Stuart Bernau, chairman and interim chief executive of Chelsea Building Society, said he was delighted Chelsea’s saving and borrowing members have voted in favour of the merger with the Yorkshire Building Society.
He added: “Bringing the two organisations together will create a second major force in the building society sector and a competitive and secure alternative to the banks.”
The merger is now subject to approval first by Yorkshire members at a Special General Meeting in Bradford on Tuesday 26 January and subsequent confirmation by the FSA.
If confirmed, the merger is expected to complete on 1 April.
