Yorkshire Building Society
Encyclopedia
The Yorkshire Building Society is the second largest building society
in the UK
, with its headquarters in Bradford
, West Yorkshire
, England
. Assets now exceed £20 billion.
In 1864 the Huddersfield Equitable Permanent Benefit Building Society was founded in Huddersfield
, and expansion through a series of agreed mergers, predominantly with the Bradford Permanent Building Society in 1975, has seen it evolve into the national building society that it is today. The current name came into use in 1982, following the merger of the Huddersfield & Bradford Building Society and the West Yorkshire Building Society. The Yorkshire also has a mortgage subsidiary company, Accord. In August 2011 it announced that it was closing its offshore subsidiary, Yorkshire Guernsey.
Despite changes in the industry in recent years, the Yorkshire remains as one of the major mutual
building societies in Britain - a review in 1995 confirmed that their mutual status was important to them, so that they remain answerable to their members, rather than outside shareholders.
The Yorkshire currently provides financial services both directly and through a 135-strong branch network and 75 associated agencies across the UK. It is a member of the Building Societies Association
.
in 1992, in an effort to develop a southern based branch network. In 2001, the Society took over the Gainsborough
Building Society.
In 2008, the Yorkshire merged with the Barnsley Building Society
which had become a victim of the Icelandic banking crisis. After learning lessons from previous mergers, and with the Barnsley being a larger organisation with a well-established brand, the Yorkshire decided to keep the Barnsley brand in order to keep existing customers and use it as another route to market their products.
In 2009, Yorkshire noted that they were in advanced merger talks with Chelsea Building Society
. The following day it was announced that they were to merge. The merger with Chelsea Building Society, which also retains its own branding, was completed in 2010.
The ninth largest building society, Norwich and Peterborough
, entered into merger discussions with the Society on 19 March 2011. Following due diligence by the Yorkshire board, N&P members voted in favour of the proposal on 22 August. FSA approval followed on 23 September and the transfer of engagements was completed on 1 November. With almost no geographical overlap, the N&P name is retained as a separate and distinct brand.
On 25 July 2011, the Yorkshire announced it was buying the Egg savings and mortgage business from Citi
in a deal worth £2.5 billion. Use of the Egg trade marks by Yorkshire Building Society is currently under licence from Egg Banking Plc which provides any residual Egg savings products that were not transferred to the Yorkshire and any Egg loans products that were not sold to Britannica Recoveries S.a.r.l.
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
in the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, with its headquarters in Bradford
Bradford
Bradford lies at the heart of the City of Bradford, a metropolitan borough of West Yorkshire, in Northern England. It is situated in the foothills of the Pennines, west of Leeds, and northwest of Wakefield. Bradford became a municipal borough in 1847, and received its charter as a city in 1897...
, West Yorkshire
West Yorkshire
West Yorkshire is a metropolitan county within the Yorkshire and the Humber region of England with a population of 2.2 million. West Yorkshire came into existence as a metropolitan county in 1974 after the passage of the Local Government Act 1972....
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. Assets now exceed £20 billion.
In 1864 the Huddersfield Equitable Permanent Benefit Building Society was founded in Huddersfield
Huddersfield
Huddersfield is a large market town within the Metropolitan Borough of Kirklees, in West Yorkshire, England, situated halfway between Leeds and Manchester. It lies north of London, and south of Bradford, the nearest city....
, and expansion through a series of agreed mergers, predominantly with the Bradford Permanent Building Society in 1975, has seen it evolve into the national building society that it is today. The current name came into use in 1982, following the merger of the Huddersfield & Bradford Building Society and the West Yorkshire Building Society. The Yorkshire also has a mortgage subsidiary company, Accord. In August 2011 it announced that it was closing its offshore subsidiary, Yorkshire Guernsey.
Despite changes in the industry in recent years, the Yorkshire remains as one of the major mutual
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...
building societies in Britain - a review in 1995 confirmed that their mutual status was important to them, so that they remain answerable to their members, rather than outside shareholders.
The Yorkshire currently provides financial services both directly and through a 135-strong branch network and 75 associated agencies across the UK. It is a member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
.
Mergers and acquisitions
The Yorkshire took over the Sussex-based Haywards Heath Building SocietyHaywards Heath Building Society
Haywards Heath Building Society was a UK building society, which merged with the Yorkshire Building Society in 1992.-External links:*...
in 1992, in an effort to develop a southern based branch network. In 2001, the Society took over the Gainsborough
Gainsborough, Lincolnshire
Gainsborough is a town 15 miles north-west of Lincoln on the River Trent within the West Lindsey district of Lincolnshire, England. At one time it served as an important port with trade downstream to Hull, and was the most inland in England, being more than 55 miles from the North...
Building Society.
In 2008, the Yorkshire merged with the Barnsley Building Society
Barnsley Building Society
Barnsley Building Society was established on 12 January 1853, by a group of prominent townsfolk who following the example of many other towns and cities at the time decided to form their own building society.- History :...
which had become a victim of the Icelandic banking crisis. After learning lessons from previous mergers, and with the Barnsley being a larger organisation with a well-established brand, the Yorkshire decided to keep the Barnsley brand in order to keep existing customers and use it as another route to market their products.
In 2009, Yorkshire noted that they were in advanced merger talks with Chelsea Building Society
Chelsea Building Society
Chelsea Building Society was the fourth largest Building Society in the United Kingdom with total assets in excess of £13 billion at 31 December 2007 . It is a member of the Building Societies Association. Operating mainly in South East England with its network of 35 branches, its head office is...
. The following day it was announced that they were to merge. The merger with Chelsea Building Society, which also retains its own branding, was completed in 2010.
The ninth largest building society, Norwich and Peterborough
Norwich and Peterborough Building Society
Norwich and Peterborough Building Society is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. At the time of merger, it was the ninth largest building society in the United Kingdom, with assets in excess of £4.9 billion...
, entered into merger discussions with the Society on 19 March 2011. Following due diligence by the Yorkshire board, N&P members voted in favour of the proposal on 22 August. FSA approval followed on 23 September and the transfer of engagements was completed on 1 November. With almost no geographical overlap, the N&P name is retained as a separate and distinct brand.
On 25 July 2011, the Yorkshire announced it was buying the Egg savings and mortgage business from Citi
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
in a deal worth £2.5 billion. Use of the Egg trade marks by Yorkshire Building Society is currently under licence from Egg Banking Plc which provides any residual Egg savings products that were not transferred to the Yorkshire and any Egg loans products that were not sold to Britannica Recoveries S.a.r.l.