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Norwich & P'boro BS (75VM)

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Tuesday 23 August, 2011

Norwich & P'boro BS

N&P members say "Yes" to merger with YBS

RNS Number : 8306M
Norwich & Peterborough Building Soc
23 August 2011
 



THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED IN OR INTO ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES OR OTHER LAWS OR REGULATIONS.

 

N&P members say "Yes" to merger with Yorkshire Building Society

 

Norwich and Peterborough Building Society's (N&P's) saving and borrowing members have voted in favour of the merger between N&P and the Yorkshire.

 

Of those who voted,  89.61% of eligible savers and  87.22% of eligible borrowers, voted in favour of the resolutions to merge with the Yorkshire.  The table below sets out the results in full:

 

Resolution of

For (%)

Against (%)

Savers

89.61

10.39

Borrowers

87.22

12.78

 

[These results were announced at N&P's SGM on 22 August 2011. The Independent Scrutineers are now required to re-check the precise voting figures. This may result in some minor adjustments to the figures but, given the level of support, we would not expect any adjustments to affect the overall result. Following this further checking, the final results will be displayed on the Society's website (www.nandp.co.uk) from Tuesday 23 August 2011 or will be available from the Society's Comms Office, using the contact details below.  The savers' resolution required at least a 75% majority and the borrowers' resolution required a simple majority in favour.]

 

Gordon Horsfield, Chairman of N&P, said: "I should like to thank those members who have taken the time to study the Board's proposals and voted.  Through their votes they have clearly expressed their support for a merger with the Yorkshire.  They too have recognised the short and long term benefits of this merger.

 

"The financial services market has changed fundamentally since the credit crunch began.  If the needs of customers for a broad range of financial services are to be met, so as to provide a real mutual alternative to the banks, scale is more important to secure cost efficient operation and access to funding markets.  The challenge is to be able to deliver the benefits of scale whilst retaining the personal touch.  In selecting the Yorkshire as a merger partner the Board is confident that both societies share the same values.  Furthermore, the enlarged Society will have capital ratios which are amongst the strongest of any UK lender, bank or building society and thus a secure basis upon which to go forward."

 

The merger remains subject to confirmation by the FSA, and the FSA's confirmation process is expected to complete on 1st November 2011.

 

For further information please contact:

 

Contacts

N&P                                                   01733 372 074

Alison Rolls   

 

Financial Dynamics                             020 7269 7136

Georgina Turner

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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