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Coventry and Stroud & Swindon confirm merger talks

There is mounting speculation regarding the prospect of a merger between Coventry Building Society and Stroud & Swindon Building Society.

In response to the speculation of the rumour mill, the Boards of the two societies have issued a statement confirming that discussions are taking place.

However, a conclusion is not imminent, and a merger is by no means certain and would only go ahead if it were thought to be in the interest of all members of the societies.

Any prospective merger would require the green light from the Financial Services Authority and Stroud & Swindon’s savings and borrowing members.

Coventry Building Society is the third largest in the UK, and has assets worth £18.4bn.

Were the two firms to merge it would create a new entity with assets in excess of £20bn.

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