Lambeth members approve Portman merger

At the company’s Annual general Meeting (AGM) yesterday, 98.8% of the shareholding members voted in favour of the merger, and subject to approval by the Financial Services Authority (FSA), the two building societies will merge on 30 September 2006. Merger bonus payments will then be made within two weeks of Lambeth - which has just nine branches in south London but assets worth around £1bn - merging with Portman the third largest building society in the UK. Chris Radford, chief executive of Lambeth Building Society, says the Lambeth is a strong business but the merger will bring toget...