Universal and Newcastle to merge

The deal which is subject to approval by members of Universal, and confirmation by the Financial Services Authority (FSA), is expected to be effective on 31 December 2006. While some details are still to be finalised, the enlarged building society will remain a mutual but will be named Newcastle Building Society. Universal and Newcastle operations are seen as geographically complementary to one another and the lenders say the merger will significantly improve the distribution of products and services to members of Universal. Under the proposed merger, Colin Seccombe, chief executive D...