The Financial Services Authority (FSA)has confirmed the proposed transfer of the engagements of the Norwich & Peterborough Building Society to the Yorkshire Building Society.
The FSA has certain responsibilities in respect of a transfer of engagements of one building society to another under sections 94 to 96 of the Building Societies Act 1986.
Copies of the FSA’s written decision are available on the FSA website.
The document sets out the reasons for the FSA’s decision. No representations were received by the FSA.
The merged Society will be known as Yorkshire Building Society, which will retain its position as the UK’s second largest building society. The enlarged Society will have approximately three million members and 224 branches and will be focused on the traditional building society business of residential mortgages and savings and will be principally retail funded.
The N&P name will be retained as a separate and distinct brand within the Yorkshire, similar to the Chelsea and Barnsley brands.
The proposed merger was announced in April this year and received the approval of N&P’s saving and borrowing members who voted in favour of it at a Special General Meeting held in Peterborough on 22 August 2011.
