Yorkshire Building Society has agreed to purchase Abbey National’s UK and International Sharesave business for an undisclosed sum. The deal, which will result in existing Abbey Sharesave savings contracts and balances being transferred to the Yorkshire, is subject to court and regulatory clearance and is expected to complete in mid October. As a result, on completion, all Abbey Sharesave account holders will become members of the Yorkshire.
The deal, which is believed to be the first of its kind for Sharesave schemes, will confirm Yorkshire’s position as one of the largest UK Share Plan providers. The acquisition demonstrates the Society’s commitment to actively grow and continually improve its Share Plan operation.
Commenting on the transaction, Yorkshire’s Chief Executive Iain Cornish said, “Yorkshire’s ability to win the confidence of UK companies is well demonstrated with a growing number selecting us as their preferred provider for UK and international Share Plans. We look forward to welcoming around 200 new corporate clients and the individual accountholders to the Society on completion of the transaction. This acquisition will strengthen the Society’s position in a business area where we already have a significant presence.”
Stuart Bailey Head of Sharesave business at Abbey said, “We are pleased to say in Yorkshire Building Society we have found a good home for this part of our business. We believe that this deal will offer our customers a wider range of services not currently available through Abbey.
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, credit cards, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
