Your Society

IMPORTANT INFORMATION – PROPOSED MERGER WITH CHELSEA BUILDING SOCIETY

The following letter is being sent to all Yorkshire Building Society members who are eligible to vote.

"The Boards of Yorkshire Building Society and Chelsea Building Society have recently announced their agreement to merge the two societies. This letter is to provide you with early information about the proposed merger. More detailed information will be sent to you later this month. If you are eligible, you will be able to vote on the proposal at a Special General Meeting (SGM) of the Yorkshire to be held on 26 January 2010 at 2.30pm in Bradford.

The merged Society will be called Yorkshire Building Society, and Chelsea Building Society will be operated as a separate brand within the Yorkshire.

Why has your Board taken this decision?

Your Board unanimously believes that this proposed merger is in the best interests of the Yorkshire’s members. It is firmly of the view that a merger with Chelsea:

  • represents an exceptional opportunity for the Yorkshire to enhance its ability to compete effectively and deliver greater value to the members in the future through added scale and by improving efficiencies;
  • will ensure that the Yorkshire remains a financially secure and safe place for members’ savings;
  • provides wider access to the mortgage and savings markets by adding Chelsea’s predominantly southern based branches to our own branch network;
  • enables the Yorkshire to build on Chelsea’s strong brand presence in key markets by retaining and developing ‘Chelsea’ as a separate brand; and
  • will allow significant cost savings to be realised through the removal of duplicated activities whilst maintaining the level of service we currently provide to members.

What you need to do now

This letter is for information only and requires no action. Later this month you will receive your SGM voting pack which will contain a complete guide to the merger and should answer any questions. In the meantime, I hope the enclosed leaflet will address any initial queries. Please note that this letter has only been sent to the member named first on a joint account.

Your Board unanimously considers the merger to be in the best interests of our current and future members and recommends that you vote in favour of the merger when you receive your SGM voting pack.

If you have any further queries at this stage, please call the Merger Helpline on 0845 1669 200 or email merger@ybs.co.uk

Yours sincerely

Ed Anderson
Chairman"


More information

Contact us

The Merger Helpline is open Monday to Friday 8am – 8pm, and Saturday 9am - 1pm. Charges to 0845 numbers may vary. Prices can be checked with your phone provider. Mobile calls usually cost more.


Got a question?

 


Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.

Get in touch with us:

Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).