Yorkshire and Chelsea building societies in merger talks

The Yorkshire and Chelsea building societies are in advanced talks about a potential merger.

The merger between the Yorkshire, the second biggest society in the UK and Chelsea, the fifth biggest, would create a firm with nearly 3 million customers and a potential rival to market leader Nationwide. 

In a joint statement, the two say the combined entity, which would have assets of £35bn, “has the potential to create a second major force in the building society sector”.

The Yorkshire has 143 branches, while Chelsea has 35.

Chelsea, which has been struggling and reported a loss of £39m last year, says the proposed merger follows a review of its “activities, operations, financial position and corporate structure”.

The building society sector has seen a flood of merger activity in the last 18 months.

The Nationwide took over the Cheshire and Derbyshire building societies last September and then rescued the Dunfermline building society in March, while the Yorkshire acquired the Barnsley building society.

Co-operative Financial Services and the Britannia Building Society completed their merger in August. 

The Yorkshire and Chelsea merger will be subject to approval from their members and the Financial Services Authority.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here