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Norwich & Peterborough confirms merger interest

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by Kay Mitchell
’Norwich

Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger.

The building society, which is Britain’s tenth largest, said it had received “a number of expressions of interest,” as well as the possibility for the injection of fresh capital.

In a statement, the firm said: “Like other responsible organisations, the board continually keeps under review…all options for the society which could enhance the interests of members, customers and employees.”

The news comes after much consolidation in Britain’s mutual sector, as a result of funding pressures.

Recently, Coventry Building Society and Stroud & Swindon merged, creating a business with approximately 1.5 million customers and assets of more than £20 billion.

Furthermore, in February, it was revealed that Skipton Building Society was merging with loss-making rival Chesham.

Yorkshire Building Society has merged with Chelsea Building Society, while Scotland’s Dunfermline Building Society was hastily taken over by Nationwide more than 18 months ago, Cheshire and Derbyshire building societies have been swallowed up by the Nationwide.

Britannia Building Society merged with Co-operative Financial Services last year, while in June 2009, West Bromwich Building Society agreed a deal that saw the 160-year-old institution saved from collapse.

In related news, N&P, which is more than 150 years old, hit the headlines in September after claims of mis-selling of its Keydata investments between 2006 and 2009.

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News posted: December 16, 2010

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