Lambeth and Portman announce merger

The merger will see the two rival lenders join forces on 30 September subject to approval by members of Lambeth Building Society and regulatory approval from the Financial Services Authority (FSA). The enlarged building society will remain a mutual and will be named Portman Building Society with the Lambeth name disappearing. The majority of Lambeth’s branches will be incorporated into Portman’s network but where Portman already has established branches local Lambeth branches will close. Under the proposed merger, Robert Sharpe, chief executive of Portman Building Society will retain h...