For a merger to proceed, the Boards of both societies would need to be satisfied that it will be for the benefit of each Society’s members.
The Yorkshire and Chelsea both share a commitment to mutuality and local communities and a merger has the potential to create a second major force in the building society sector with assets in excess of £35 billion.
Any merger would require the formal approval of both the Yorkshire and Chelsea savings and borrowing members. The merger would also be subject to confirmation by the Financial Services Authority (FSA).
