Skipton and Scarborough unveil merger plans

The mutuals, the UK's seventh and 16th largest building societies respectively, say the deal will leave them better placed to deal with uncertainties in the financial markets. Scarborough Building Society initially approached Skipton as a preferred merger partner after its profits and capital position were weakened by the financial crisis. John Carrier, chief executive of Scarborough, says: “We have been in talks with Skipton for some time and have now reached an agreement to merge.” "A merger of the societies will create a much larger, stronger business in North Yorkshire which offers r...