N&P agrees merger terms with Yorkshire BS

The proposal will create a single entity known as the Yorkshire Building Society with three million members and 224 branches. Yorkshire said it would honour in full N&P's compensation payments programme, in which it must pay out £51m to victims of the Keydata collapse. N&P was this week fined £1.4m by the FSA for giving unsuitable advice on Keydata products. The N&P name will be retained as a brand within the Yorkshire, similar to its other subsidiaries Chelsea and Barnsley. The Yorkshire board and executive team will run the enlarged society under the proposals. A finalised ...