Building society members back merger

Of those N&P members who voted, 89.61 per cent of savers and 87.22 per cent of borrowers, supported the merger.

A Yorkshire Building Society spokesman said: “Yorkshire and N&P have similar values and share a commitment to mutuality and to delivering excellent long-term value and exceptional customer service to members.

“Bringing the two organisations together emphasises the Yorkshire’s position as one of the UK’s strongest financial institutions which provides members with a competitive and secure alternative to the profit-driven retail banks.

“Yorkshire has also committed to retaining the strong links N&P has with its local communities and to supporting charities and good causes in the east of England through charitable giving, employee volunteering and affinity partnerships.”

The merged society will have three million members, around £34bn assets and a national network of 224 branches and 89 agency offices.

Iain Cornish, the chief executive of Yorkshire Building Society said “I am delighted that N&P members have recognised the benefits of this merger and voted in favour of it.

“The merger will strengthen the long-term position of the enlarged society, making it better placed to compete and to deliver greater value to all our members as the merger benefits are realised.

“When the merger completes later this year we will build on N&P’s strong brand in the east of England and the value it has delivered to its members. The merger also provides us with the opportunity to develop Yorkshire’s own products in areas where N&P has complementary capabilities and expertise, such as the current account market”.

The merger is subject to final confirmation by the Financial Services Authority (FSA), and is expected to complete on November 1 2011.