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Merger will bring financial stability to its members
Although the merger has yet to be confirmed by the FSA and the Office of Fair Trading, it has been announced that two of the UK’s smaller building societies are to merge.
The Skipton and the Scarborough will merge to become one of the UK’s top five with a customer base of 860,000 with a total asset bank of over £16billion.
The continuing difficulties in trading conditions, the added problem of house prices lowering further and a possible full blown recession have all added to a substantial lowering of the building societies’ profits and capital position.
The chief executive of the new enlarged society called Skipton Building Society, will be David Cutler, it will have its headquarters at The Bailey in Skipton. The current chief executive of the Skipton, John Goodfellow who will be taking retirement after the merger, said “by joining forces, these two societies will create a significant force in the building society sector - a modern mutual that is set to grow further in the years to come. There are benefits for both sets of member, who can look forward to a continued relationship with a building society that puts their long term interests at the heart of what it does”.
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