Coventry and Stroud and Swindon are on the Threshold of a Merger Deal
Coventry which is considered to be the third largest building society in the United Kingdom has revealed its plans to merge with a smaller competitor Stroud and Swindon.
The discussion has just begun so this is clearly only an intention. The merger can take place if both sides agree on mutually beneficial terms.
A representative of Stroud and Swindon said that the management is ready to consider the proposal, however it’s too early to talk about a deal.
If the companies reach a consensus there will be a new player in the market with impressive assets of £20bn.
Of course, in order for the merger to happen all savings and borrowing members of Stroud and Swindon will have the right to express their opinions on the issue and make the final decision. The Financial Services Authority also has to confirm the deal.
Stroud and Swindon has 400 employees, 265,000 members, 22 offices, 21 agencies and only £3bn in assets.
Coventry has a far more significant network of 48 branches and more than a million members.
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