Chesham members vote for Skipton merger
At the Society’s Annual General Meeting, yesterday, a majority of 80.18% of savers and 80.34% of borrowers voted in favour of each of the resolutions to unite the two businesses.
This brings the aspiration of creating an enlarged mutual offering outstanding products and services to 21,000 more members one step closer. The enlarged Skipton will have £15bn of assets and a 92-strong national branch network.
Subject to final confirmation by the Financial Services Authority (FSA), the merger is expected to become effective on 1 June 2010. Given the relative size of the two societies, the FSA has granted Skipton permission to proceed by way of Board resolution, rather than a member vote.
Paul Kilbride, chief executive of Chesham Building Society, said: “We are delighted that our members have given their seal of approval to a relationship which we believe is in their long term best interests.
“The enlarged Skipton will maintain the service and community-focused ethos our members have come to expect, as well as extending the range of good value products available to them.”
Skipton Group chief executive David Cutter added: “We look forward to welcoming Chesham’s members on board and demonstrating to them the advantages of being part of the Skipton Group.”