The Yorkshire and Chelsea building societies have confirmed they will merge to create the UK’s second largest building society.
The Yorkshire is currently the second largest and the Chelsea is the fifth largest.
The deal would create a society with 2.7 million members, a network of 178 branches and assets of £35bn.
The merger still needs to be agreed by the societies’ members, who will not receive a windfall from a deal.
The merger is aimed to take place by April next year.
The two societies would retain their brand names under the proposals, but the enlarged society would be called the Yorkshire Building Society.
Source: BBC News