The Yorkshire Building Society has announced it is going to buy the Chelsea Building Society, to create a large mutual with £35bn in assets. The merged group will be second in size only to Nationwide, Britain's biggest building society. The merger will have to be approved by eligible members, but the deal should be completed on 1 April next year.
The merger has come after a bad year for Chelsea. It made a £19m loss in the first half of the year after being hit by a £41m mortgage fraud and a £55m exposure to the failed Icelandic banks. It follows in a long line of societies that have disappeared in recent months as the sector has consolidated. But what does all this mean for customers?
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