Leeds BS completes merger

01 August 2006
Two of the UK's leading building societies, Leeds and Mercantile, are set to complete their merger today (Tuesday, August 1st).

The combined society will take the name of Leeds Building Society, retaining a 120-year history under the name (or a close derivative – Leeds and Holbeck BS), dating back to its original opening in the centre of Leeds in 1886.

The society has been a perennial presence in the top ten UK mutuals, serving over 650,000 customers and holding assets of over £7 billion throughout 70 nationwide branches.

"The Mercantile members voted overwhelmingly in support of the merger earlier this year and we are absolutely committed to growing the business," said Ian Ward, chief executive of Leeds Building Society.

"The enlarged society, which will be named Leeds Building Society and remain an independent mutual owned by its members, will enable us to build further on our growth capabilities whilst maintaining the competitive advantages of cost efficiency, a strong capital base and good asset quality."

Leeds Building Society recently won Mortgage Magazine's Best Building Society award for 2006.

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