Norwich & Peterborough and Yorkshire building societies have announced that they are to merge.

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.

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