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The Yorkshire is currently the second largest building society in the UK, and the Chelsea the 5th largest. The combined society will still be smaller than the largest – and the largest in the world – the Nationwide Building Society.
The enlarged Society will have assets of £35 billion, 2.7 million members and a national network of 178 branches. It will focus on the traditional building society business of residential mortgages and savings and will be principally retail funded.
The enlarged Society will be known as Yorkshire Building Society with the Chelsea Building Society name retained and operated as a separate and distinct brand within the Yorkshire. The merger is subject to the approval of eligible members from both societies and confirmation by the FSA; it is expected to complete on 1st April 2010
Iain Cornish, chief executive of Yorkshire Building Society said: "This merger creates a second major force in the building society sector. Joining with Chelsea offers a great opportunity to build on the strengths of both societies and form a strong, independent mutual organisation.
"Chelsea has an excellent reputation, particularly in the savings market, and a strong network of branches in the south. Combining forces with them will strengthen our ability to deliver value to members through good value products and excellent service, underpinned by our significant financial strength. Together our combined expertise will deliver a competitive, member-owned organisation, which will provide real choice to consumers across the UK.
"The enlarged Society will continue to have one of the strongest capital positions of any major UK bank or building society and a secure funding base. As far as Yorkshire is concerned, we are seeing more positive signs and this merger will ensure that we are extremely well placed to prosper as markets recover. I firmly believe that a merger with Chelsea on these terms is in our members’ interests and urge them to vote in favour of it".
Stuart Bernau, executive chairman of Chelsea Building Society said: "Chelsea and Yorkshire have proud histories as mutual organisations; each is committed to providing high levels of customer service to their members and supporting the communities in which they operate. The merger will create a second major force within the building society sector with a strong capital position and deeper financial resources.
"As part of the Yorkshire, the Chelsea name that our members know and love will live on, and they will continue to be able to receive the same style of friendly and personal service that is the pride of our Society. We urge our members to vote in favour of the merger".
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