Page last updated at 10:45 GMT, Saturday, 23 January 2010

Chelsea Building Society merger approved

A merger between a Gloucestershire-based financial institution and a rival is looking increasingly likely.

At a special meeting in Birmingham, members of the Chelsea Building Society voted by more than 90% to merge with the Yorkshire Building Society.

If the latter's members also approve the plan at their meeting on Tuesday the merger will go ahead on 1 April.

The new society would be based in Bradford, meaning job losses at the Chelsea's HQ in Cheltenham.

The societies' members will not receive a windfall from the merger.

The Chelsea's management have said the merger is necessary to create stability amid turbulent financial markets.



Print Sponsor


SEE ALSO
Building societies agree merger
02 Dec 09 |  Business
Building society rules to tighten
05 Jun 09 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific