The UK’s third-largest building
society, Coventry Building Society, is to merge with its smaller
rival Stroud & Swindon, signalling further consolidation in the
mutual sector.

The expanded society will increase
its membership from over 1.2m to around 1.5m, boosting the overall
asset size from £18.4bn ($28bn) to £21.1bn, Coventry Building
Society said in a statement.

Coventry recently announced one of
the strongest results among the UK mutuals for fiscal 2009, with a
significant jump in pre-tax profits to £43.5m, from £18.8m a year

The announcement comes nearly a
month after Skipton, Britain’s fourth-largest building society,
said it was set to take over loss-making rival Chesham.

The merger is still subject to
approval by the UK’s regulator, the Financial Services Authority
and Stroud & Swindon members.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.