Skipton Building Society will integrate with its financial advice subsidiary Skipton Financial Services subject to regulatory approval.
The move, which is expected to go through in the Summer, will see a joining of the two businesses that share the same head office in North Yorkshire, where the society was founded in 1853.
The society has assured Skipton Financial Services employees that there will be no compulsory redundancies as part of the integration.
David Cutter, Skipton Building Society’s group chief executive, said: “Integrating the two businesses will enable us to better meet the needs of our customers, to support them with all their financial planning needs, and to develop our digital and online offering for them.
“The past year has seen radical changes made to the pensions arena, which has left a generation of people in need of somewhere to turn to make sense of everything. There’s an even greater need for people to receive not only mortgage and saving support, but also investment and pensions advice, something that so few other firms are capable or willing to deliver on the high street to the mass market.
“We are both capable and willing, and by integrating our two businesses into one, we can evolve while we remain committed to providing financial advice to our customers.”