The UK’s third-largest building
society, Coventry Building Society, is to merge with its smaller
rival Stroud & Swindon, signalling further consolidation in the
mutual sector.
The expanded society will increase
its membership from over 1.2m to around 1.5m, boosting the overall
asset size from £18.4bn ($28bn) to £21.1bn, Coventry Building
Society said in a statement.
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Coventry recently announced one of
the strongest results among the UK mutuals for fiscal 2009, with a
significant jump in pre-tax profits to £43.5m, from £18.8m a year
before.
The announcement comes nearly a
month after Skipton, Britain’s fourth-largest building society,
said it was set to take over loss-making rival Chesham.
The merger is still subject to
approval by the UK’s regulator, the Financial Services Authority
and Stroud & Swindon members.
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