Building society merger may generate consultancy jobs

Members of the Chelsea Building Society have voted in favour of plans to merge the organisation with the operations of the Yorkshire Building Society.

At a recent special general meeting in Birmingham, 91.7 per cent of savers polled and 90.07 per cent of borrowers passed resolutions for the two financial services entities to combine, something that may be of interest to those seeking finance jobs in London.

Described by Chelsea chairman and interim chief executive Stuart Bernau as potentially creating "a second major force in the building society sector and a competitive and secure alternative to the banks", the merged entity will have 2.7 million members across 178 branches.

The proposed new £35 billion organisation has also won the backing of members of the Yorkshire Building Society following a gathering in Bradford, with 86.68 per cent of savers and 85.44 per cent of borrowers voting in favour.

Yorkshire chief executive Iain Cornish welcomed the approval and claimed that it is important to unite the two entities in order to ensure their efficient operation.

The merger will combine the assets of the UK''s second and fifth largest building societies.