LONDON – LawFuel – Legal Announcements – Allen & Overy LLP announced today that it is advising Skipton Building Society on its proposed merger with Scarborough Building Society, which, if completed, is anticipated to create a top five building society with approximately 860,000 members and over GBP16 billion of assets.
The merger between the North Yorkshire based societies is anticipated to be completed in the first quarter of 2009, with the enlarged Society to be called Skipton Building Society.
Corporate partner Richard Slynn said: “This is an important step for both the societies involved, with the enlarged society expected to be better placed to deal with the current uncertainties in the financial markets, while also serving to strengthen the mutual sector in the UK”.
The Allen & Overy team is being led by Corporate partner Richard Slynn and senior associate Ben Koehne. The team also includes Employment partner Stefan Martin, Pensions partner Maria Stimpson, Pensions associate Caroline Overton and Corporate associate Angelene Galway, together with a team of specialists from across Allen & Overy’s London office.