Yorkshire merger

Members of the the Norwich & Peterborough Building Society have voted in favour of merging with the Yorkshire Building Society. Nearly 90 percent of savers and 87 percent of borrowers gave the merger the thumbs up.

The N&P has been through some tough times recently, and in April was fined £1.4m and ordered to compensate customers £51m after it was found guilty of mis-selling investment products with failed company Keydata Investment Services.

The misdeameanour affected N&P's 2010 results, which came in at a loss of £48.9m. Chairman of the N&P, Gordon Horsfield, talked of 'the benefits' of the proposal. He said: 'In selecting the Yorkshire as a merger partner the Board is confident that both societies share the same values. Furthermore, the enlarged Society will have capital ratios which are amongst the strongest of any UK lender, bank or building society and thus a secure basis upon which to go forward.'

Yorkshire seems to be going from strength to strength – last year it joined with Chelsea Building Society, and in 2008 it merged with Barnsley Building Society. All in all, it means that the country is teeming with Yorkshire Building Society branches and members – it currently has 2.6 million members and 178 branches.

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