Combined group will have £400 million in assets
TWO Edinburgh-based building societies have announced merger plans.
Under the proposals the Scottish Building Society, which is one of the country's oldest, will join forces with the smallest, Century Building Society.
The Scottish has six branches and £375m of assets while Century has no branches and £25m of assets.
The two societies would have a combined membership of more than 40,000 members.
Alexa Henderson, chairman of Scottish Building Society, said : “The members of both societies will benefit from the financial strength of the combined society and the Scottish will continue to operate as it always has - a traditional building society.”
Max Gaunt, Chairman of the Century, said: “As both societies' head offices are in Edinburgh, the Scottish is the obvious merger partner, thereby ensuring that the Century's members are able to continue to benefit from membership of an independent, Scottish, mutual building society. The directors of Century strongly encourage the society's members to vote in favour of the merger.”