Scottish BS to merge with Century BS
The UK’s oldest building society is to merge with the country’s smallest early next year, the boards have announced in a joint statement today (15 August)
The boards of directors of Scottish Building Society and Century Building Society have agreed to merge the two societies. Subject to approval by the members of the Century and confirmation by the FSA, the merger is expected to be effective from 1 February 2013.
The enlarged society will retain the name Scottish Building Society and will remain an independent, Scottish, mutual organisation, owned by its members.
From the date of the merger, members of the Century will have access to the full range of products and services offered by the Scottish and will be able to use the full branch and agency network of the Scottish, with offices throughout Scotland.
The Century office in Edinburgh will be closed and no bonuses will be payable to members of either society arising from the merger.
Alexa Henderson, chairman of Scottish Building Society, said: “The members of both societies will benefit from the financial strength of the combined society and the Scottish will continue to operate as a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of our members.”
Max Gaunt, chairman of the Century, said: “As both societies’ head offices are in Edinburgh, the Scottish are the obvious merger partner, thereby ensuring that the Century’s members are able to continue to benefit from membership of an independent, Scottish, mutual building society.
“The directors of Century Building Society strongly encourage the Society’s members to vote in favour of the merger.”