Building societies reveal merger plans

BRITAIN'S third biggest building society yesterday confirmed plans to merge with a smaller rival in the latest in a series of tie-ups in the sector.

Coventry Building Society has agreed a deal with the Stroud & Swindon Building Society, the UK's 11th largest mutual, that will create a combined group with 1.5 million members and assets of 21.1 billion.

The enlarged business will have a network of 91 branches and agencies across the Midlands and south-west of England.

The firms said no branches or agencies will be closed as a result of the merger but added head office jobs would be moved.