Building society merger

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A STRUGGLING building society has agreed a takeover.

Norwich and Peterborough Building Society, which has branches in Stamford, Bourne, Market Deeping and Oundle, is set to merge with Yorkshire Building Society.

The takeover follows a difficult few months for Norwich and Peterborough.

The society was fined £1.4 million last week for mis-selling policies, and has agreed to pay out more than £50 million in compensation to members.

Yorkshire confirmed that all Norwich and Peterborough high street branches will stay open for at least two years, and all jobs are secure.

The Norwich and Peterborough name will be retained as a separate brand within the Yorkshire group.

Yorkshire chief executive Iain Cornish said: “We will build on Norwich and Peterborough’s strong brand and the value it has delivered to its members.”

The takeover should be completed on November 1.