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Norwich & Peterborough BS considers merger

Norwich & Peterborough Building Society (N&P) is reported to be in takeover talks with the Coventry.

Such a move is likely to relate to the problems faced by N&P over its sale of Keydata bonds.

Keydata went bust in June 2009 and some N&P members have since claimed that they were unaware of the risks involved in the investment, and the level of commission charged by the building society.

Coventry, which is the UK’s third-largest building society, completed a merger with Stroud & Swindon in September, after having reported a 40% year-on-year rise in underlying pre-tax profit for the first half of 2010, to £46.5 million.

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