Building societies set to merge

Published 05th Nov 2008

Skipton Building Society has agreed to merge with the smaller Scarborough Building Society as the mutual sector continues to shrink.

The deal should be completed early in 2009 after the Scarborough approached the Skipton, having suffered from "difficult trading conditions".

They said the enlarged group would be a top five building society with 860,000 members and £16bn of assets.

Some borrowers could see lower interest rates but there will be no windfall.

The announcement comes shortly after the Yorkshire Building Society said it was to take over its smaller rival, the Barnsley Building Society.

Source: ' bbc '

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