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Skipton and Scarborough building societies merger

Yesterday the boards of Skipton and Scarborough building societies announced their intention to merge for commercial reasons.

We, the FSA, and both societies believe it is in the best interest of shareholders and depositors to process the merger quickly. So we have decided to apply our powers under the 1986 Building Societies Act to allow the merger to be approved by Scarborough's board. We have also given Skipton’s board permission to approve the merger after satisfying itself that the interests of its members will not be significantly affected.

Members of each society will have the right to make representations to us about the proposed merger. Information about the process, timetable and how to make a representation will be sent to eligible members by Scarborough in due course, in a Merger Notification Statement.

The mergers will be subject to our statutory confirmation.

For Skipton’s and Scarborough’s customers it is business as usual. You can continue to use all the usual facilities and access your accounts. Banking facilities will be open with branches, internet and call centres operating as normal.

Mortgage and loan customers’ terms and conditions remain the same and you should continue to make repayments as usual.

What is happening?

Scarborough has announced that it intends to merge with Skipton into one building society, subject to final FSA approval.

We have agreed with the two societies that it is important to complete the merger as quickly as possible, so we have decided to apply our powers under the 1986 Building Societies Act. This means the merger will proceed on the basis of a resolution of Scarborough’s board rather than by a member vote. We have also given Skipton permission to approve the merger by board resolution, after satisfying itself that the interests of its members will not be significantly affected.

All eligible members of Scarborough will receive a ‘Merger Notification Statement’ outlining details of the merger in due course, including how to make a representation to the FSA. Scarborough will also write out to all members.

The proposed merger is subject to our statutory confirmation.

What happens next?

Members do not need to take any action at this stage. Eligible members of Scarborough will be sent a Merger Notification Statement in due course.

For more information please refer to the websites of Skipton and Scarborough.

Helplines

  • Skipton Building Society – 0845 850 1700
    (Mon-Thur 8am-8pm; Fri 8am-5.30pm; and Sat 9am-noon)
  • Scarborough Building Society merger helpline – 0844 847 9954
    (Mon-Fri 8.30am-6.30pm and Sat 9am-noon)

Disclaimer

News articles on this website are accurate, to the best of our knowledge, only at the date of publication. If the information they contain changes, follow-up articles may be published.