You are here: Home - Uncategorized -

Consolidation continues in building societies sector

0
Written by:
25/05/2006

The trend for consolidation in the mutual building society sector continues, with Newcastle Building Society announcing yesterday that it swallow up its smaller local counterpart Universal Building Society.

Existing Universal members – its savers and borrowers – will enjoy windfall payouts of at least £200 each when the sale goes through.

Newcastle will gain an extra 60,000 customers, an extra £600m in assets and 130 staff from the deal.

Four Universal branches located close to Newcastle branches will close. But the society promised that there will be no compulsory redundancies.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Mutual customers better off

Customers of life insurers that have demutualised and become limited companies have ended up £14,000 worse off on average than...

Close