Coventry Building Society has completed its merger with Stroud & Swindon Building Society, in a deal that will migrate 200,000 customers and cut their mortgage interest rates.
The expanded society will be called Coventry Building Society and will be based in Coventry. Total membership will increase from over 1.2 million to around 1.5 million, and the overall asset size will increase from £18.4bn to £21.1bn. Coventry expects a third of about 250,000 savings accounts will see improved interest rates on completion of the merger, to match equivalent products it offers. It adds borrowers currently paying or linked to Stroud & Swindon's residential Standard Variable Rate (SVR) of 5.99% will benefit from a cut in their mortgage payments as they move onto Covent...
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