The British Bankers’ Association has agreed to a trade association merger with the Council of Mortgage Lenders and two other trade bodies.
An overwhelming majority (94%) of the BBA membership agreed to the merger, which was proposed by the independently carried out Financial Services Trade Associations Review.
The other trade bodies involved in the merger are Payments UK and the UK Cards Association, while the CML voted in favour of a merger in April.
Anthony Brown, chief executive of the BBA, said: “It is right that our members get effective representation and value for money from their trade associations.
“We look forward to working with the other trade associations and to providing a world class service for our members across the banking sector.”
The BBA claims to account for 80% of “global systemically important banks”.
Plans for the new trade association will be taken forward by the interim main board of the new trade association.