Savings accounts provider Stroud & Swindon Building Society confirms merger

www.moneynews.co.uk > Banking > Savings accounts provider Stroud & Swindon Building Society confirms merger

Savings accounts provider Stroud & Swindon Building Society confirms merger

Wed 4th Aug 2010

The Financial Services Authority (FSA) has confirmed that it has given its approval to the planned merger between the Stroud & Swindon Building Society and the Coventry Building Society.

Under the new agreement, the two savings accounts providers will come together at the start of September to form one single organisation, due to be called the Coventry Building Society and based in the Midlands.

The merger will see the new financial services firm take responsibility for around 1.5 million members, with overall assets to be in the region of £21.1 billion.

Welcoming the FSA decision, David Stewart, chief executive of Coventry Building Society, said: "I believe that the merger with Stroud & Swindon Building Society will help us build on recent successes and bring the benefits of our prudent and member-focussed approach to a wider membership."

Members of the Stroud & Swindon voted overwhelmingly in favour of the deal back in June, with 88 per cent of those with savings accounts with the building society giving their approval to the plans.

Click here for more banking  

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'