BRITAIN’S third-largest building society Coventry Building yesterday announced a merger deal with Stroud & Swindon Building Society, a move that will create a combined business with an overall asset size of £21bn. Total combined membership will reach approximately 1.5m.
The merger will be effective as of 1 September and no branches or agencies of either company will close as a result. No redundancies are expected because of the merger.
On the merger, Coventry chief executive David Stewart said: “I believe that the merger with Stroud & Swindon Building Society will help us build on recent successes and bring the benefits of our prudent and member-focused approach to a wider membership.”
Stroud & Swindon chief executive John Sutherland said: “In considering a number of options, we believe that Coventry Building Society’s commitment to long term member value, fairness, strategic prudence and local communities, provides Stroud & Swindon members with the best possible future.”