Yorkshire and Chelsea building societies complete merger

The merger of the Yorkshire and Chelsea building societies has been officially completed, creating the second largest services provider in the sector.

Consumers will hope the merger, which sees both lenders retain their brand name, will increase access to the most attractive savings rates and cheaper mortgages.

The new company, to be known as the Yorkshire Group, will have combined assets of £36 billion, a total of 178 branches and 2.8 million members.

Iain Cornish, chief executive of the enlarged Yorkshire Building Society, said it was "an exciting time" in the societies' histories.

"Our focus now is on successfully integrating the two organisations, which we anticipate will take between 12 and 18 months.

"As the benefits of the merger are realised, our ability to deliver value to members will continue to increase."

Last week, the Yorkshire Building Society reported it had witnessed a 400 per cent rise in mortgage applications between January and March 2010.

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2010-04-08 16:09:13 © Moneyextra.com