Yorkshire Building Society, the UK’s second largest society, has completed the acquisition of the Egg mortgage and savings book and the Egg brand.
The transaction, which comprises a £2.1 billion* savings book and £400 million* mortgage book, complements the Yorkshire’s core mortgage and savings business and will enhance the Society’s ability to deliver greater value to members through a wider product and service offering and increased lending in 2012.
Egg savers and borrowers have now become members of Yorkshire Building Society and benefit from being part of an independent mutual focused on providing members with financial security and good, long-term value products backed up with excellent customer service. Egg borrowers currently paying Egg Standard Variable Rate (SVR)** or Egg Pi SVR** have seen an immediate benefit as their mortgage accounts have been automatically transferred onto Yorkshire’s lower SVR**.
Iain Cornish, chief executive of Yorkshire Building Society, said: “The acquisition of the Egg mortgage and savings book adds further scale to our business and strengthens the long term position of the Society. Combining Yorkshire and Egg product capabilities will lead to further innovation and a more extensive product offering to our current and future members, enabling us to be even better placed to compete in the UK retail financial services market.
“I’m pleased to welcome Egg customers to the Yorkshire where we are fully committed to maintaining the outstanding service, administration and value they have enjoyed with Egg.”
* Approximate figures as at 21 October 2011
** Egg SVR is 5.29% and Pi SVR is 6.00%. Yorkshire’s SVR is 4.99%.
Society members who are savers with both Yorkshire Building Society (including any brand of the Society) and N&P will be limited to one FSCS depositor protection limit of £85,000 per individual or £170,000 in total for joint accounts.
A relatively limited number of members are expected, as a result of this merger, to hold an aggregate balance exceeding the FCSC protection limit. These affected members will be allowed to reduce their aggregate balance to the FSCS limit within 60 days of the effective date without notice or loss of interest.
For more information on the FSCS rules visit www.fscs.org.uk
The Yorkshire is the UK's second largest building society. It has recently successfully merged with Barnsley Building Society (31/12/08) and Chelsea Building Society (01/04/2010) and acquired the Egg mortgage and savings book and the Egg brand (31/10/11).
Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg are trading names of Yorkshire Building Society. Use of the ‘Egg’ trademarks by Yorkshire Building Society is currently under licence from Egg Banking Plc.
The Yorkshire now has 3.5 million members, 224 branches, 89 agencies, assets of approximately £33 billion. it is committed to remaining an independent mutual and is focused on the return of real financial benefits to its members, providing them with long-term value backed up by excellent personal service.
1 November 2011
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.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
