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Yorkshire Building Society members agree to merger |
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Yorkshire Building Society members have voted in favour of a merger with the Chelsea Building Society, paving the way for the deal to go ahead.
Some 86.7% of savers and 85.4% of borrowers were in favour of the merger, which members of the Chelsea have already approved. The two building societies agreed to merge in December. It was widely considered a rescue for Chelsea, which in 2008 lost £44m it had invested in failed Icelandic banks. The merger will complete on 1 April, subject to confirmation by the Financial Services Authority. The deal would create a society with 2.7 million members, a network of 178 branches and assets of £35bn. |
