Category: Banking
Date: 11/07/2011
Norwich & Peterborough building society (N & P) has strongly its members vote 'Yes' for the proposed merger with Yorkshire building society.
N & P said it has started to vote packs its 260,000 legitimate participants send and a step that would build an advanced society with more than three million members and 224 branches recommended approval.
Society needs confirm a vote of 75% or more exercise the building which then must be rubber stamped by the financial services authority, and completed in November.
Members have until 17 August, to forms either online or by mail return their voting rights, or they are able, in person at a special general meeting to choose from, which will take place on 22 August in Peterborough.
Members of & P N have warned that his long-term future, made a failed attempt with branches and products withdrawn will damage would.
"In the absence of a merger, major cost savings would result to reinvest in the business to generate profitability", Gordon Horsfield, Chairman of N & P confirmed.
"Some products and services would have to be adjusted and more branches would have closed be."
In the context of the acquisition deal would be kept all other 46 N & P branches open for at least two years while variable would be the company standard set from 5.35% to 4.99% - in line with Yorkshire BS.
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