Mergers and Acquisitions
The Yorkshire took over the Sussex-based Haywards Heath Building Society in 1992, in an effort to develop a southern based branch network. In 2001, the Society took over the Gainsborough Building Society.
In 2008, the Yorkshire merged with the Barnsley Building Society which had become a victim of the Icelandic banking crisis. After learning lessons from previous mergers, and with the Barnsley being a larger organisation with a well-established brand, the Yorkshire decided to keep the Barnsley brand in order to keep existing customers and use it as another route to market their products.
In 2009, Yorkshire noted that they were in advanced merger talks with Chelsea Building Society. The following day it was announced that they were to merge. The merger with Chelsea Building Society, which also retains its own branding, was completed in 2010.
The ninth largest building society, Norwich and Peterborough, entered into merger discussions with the Society on 19 March 2011. Following due diligence by the Yorkshire board, N&P members voted in favour of the proposal on 22 August. FSA approval followed on 23 September and the transfer of engagements was completed on 1 November. With almost no geographical overlap, the N&P name is retained as a separate and distinct brand.
On 25 July 2011, the Yorkshire announced it was buying the Egg savings and mortgage business from Citi in a deal worth £2.5 billion. Use of the Egg trade marks by Yorkshire Building Society is currently under licence from Egg Banking Plc which provides any residual Egg savings products that were not transferred to the Yorkshire and any Egg loans products that were not sold to Britannica Recoveries S.a.r.l.
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