Newcastle and Manchester building societies launch exclusive talks for £5bn merger
Newcastle Building Society said it is in exclusive talks with Manchester Building Society over potentially merging the two.
The pair plan to “explore the possibility” of transferring Manchester’s business to Newcastle, but discussions are at an early stage, they said.
“There can be no certainty that any merger will occur, nor as to the terms or timing of any such merger,” the two said in a statement.
The merger could be completed at the earliest in the middle of next year if it gets the go-ahead.
Newcastle has 336,000 members, 31 branches and £4.9 billion in assets, making it the country’s eighth largest building society.
Manchester only has 11,000 members, no branches and around £200 million in assets. It is the 41st largest.