Savings accounts provider Coventry Building Society merger 'will help build success'

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Savings accounts provider Coventry Building Society merger 'will help build success'

Coventry Building Society has completed its merger with Stroud & Swindon Building Society and a senior source from the former institution has hailed the potential success the deal could lead to.

David Stewart, chief executive of Coventry Building Society, suggested that the arrangement could allow the organisation to expand membership with the firm.

He said: "Coventry's performance over the last three years has demonstrated the strength of our traditional building society model."

In his opinion, further success could be on the horizon as a result of the merger with Stroud & Swindon Building Society, which was finalised yesterday (September 1st) and will mean membership will be boosted from 1.2 million to 1.5 million.

The deal also means the expansion of assets shared by the newly-merged company, which will reach £21.1 billion.

Last month, Coventry Building Society cut the rates on a variety of fixed-rate mortgages and urged customers to act fast to take advantage of the products.

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