Yorkshire BS completes N&P merger and Egg acquisition
The society will still be known as Yorkshire Building Society. It will have 224 branches, 89 agency offices, assets of approximately £33bn, 3.5m members and will employ 3,580 staff.
The N&P name will be retained and operated as a separate and distinct brand within the Yorkshire Group, as part of the society’s multi-brand strategy which also includes the Barnsley and Chelsea brands.
The merger with N&P was approved by N&P’s members at a special general meeting on 22 August 2011 and confirmed by the Financial Services Authority in September.
Iain Cornish, chief executive of Yorkshire Building Society, said: “The enlarged Yorkshire will continue to be owned and run for the benefit of its members. From today, we will be working to integrate the societies and make sure there is a seamless transition.
“Members using N&P’s branches will still see the same name over the door and the same staff that they know and value.
“The acquisition of the Egg mortgage and savings book adds further scale to our business and strengthens the long term position of the society.”
Directors of N&P stepped down from the society on 31 October 2011. The chief executive of the combined society will be the Yorkshire’s chief executive, Iain Cornish, until 31 December 2011, when Iain leaves the society and is succeeded by Chris Pilling, who joins the Yorkshire from HSBC. The board of the society will be the Yorkshire’s board.