When combined, the new society will have over three million members and over 200 branches. It will still be called Yorkshire Building Society, with the Norwich & Peterborough name kept as a sub-brand within the society.
The merger will not just be a good move for the two building societies, but also for customers. There are not many building societies left so this deal should enable Yorkshire to compete on a large scale. And if you are a Norwich & Peterborough customer – the good news is that you are remaining in the hands of a mutual owner.
The deal is likely to complete at the start of November 2011. Yorkshire’s chief executive, Iain Cornish, says that the two societies share a determination ‘to deliver long-term value to our members’.
Let’s hope that’s true.