Chelsea and Catholic Building Societies plan merger

Chelsea, the country’s fifth largest building society with assets in excess of £13 bn, would take on the Catholic’s engagements on a pre-determined date, subject to the FSA approving the deal. The Catholic, which manages assets of £44m, is continuing to discuss further details of the transaction with Chelsea and any subsequent details will be released at a later date. It is likely bonus payments will be made to members of the Catholic, who will have to approve the merger. If bonus payments are made to the Catholic members, the first qualifying date will be 31 May 2008, meaning only thos...