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1st December 2009

YORKSHIRE AND CHELSEA BUILDING SOCIETIES ANNOUCEMENT 

The Boards of Yorkshire Building Society and Chelsea Building Society have today announced that they are in advanced talks regarding the possibility of a merger. For a merger to proceed, the Boards of both societies would need to be satisfied that it will be for the benefit of each society's members.

The Yorkshire and Chelsea both share a commitment to mutuality and local communities and a merger has the potential to create a second major force in the building society sector with assets in excess of £35bn.

Any merger would require the formal approval of both the Yorkshire and Chelsea savings and borrowing members. The merger would also be subject to confirmation by the Financial Services Authority (FSA).

No action is required by members at this stage. Further updates will be given as appropriate.

About Yorkshire Building Society

The Yorkshire, which has its head office based in Bradford, is the UK's second largest society with 2 million members, 143 branches and assets of over £20bn*. It has a traditional business model with excellent capital strength, high levels of liquidity and a solid retail funding base. 

About Chelsea Building Society

Chelsea has its head office in Cheltenham and is the UK's fifth largest society with 700,000 members, 35 branches and assets of £14bn*. It has a very strong retail funding position together with expertise in direct mortgage and savings markets.

*As at 30th June 2009

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 For more information contact: 

Yorkshire Building Society

Tanya Jackson        0845 1200 890 / 07881 501098

Lucy Cooke            0845 1200 890 / 07767 321970

Citigate Dewe Rogerson - PR Advisers to Yorkshire Building Society

Grant Ringshaw        020 7638 9571 / 07534 220614

Tom Baldock             020 7638 9571 / 07860 101715

Angharad Couch       020 7638 9571 / 07855 322727

Chelsea Building Society

Vicki O'Connell          01242 271466 / 07776 169535

Hogarth PR - PR Advisers to Chelsea Building Society

Chris Matthews        020 7357 9477

Lucinda Kemeny      020 7357 9477

Rachel Hirst             020 7357 9477

Yorkshire Building Society

Head Office ● Yorkshire House ● Yorkshire Drive ● Bradford BD5 8LJ

Yorkshire Building Society, which is authorised and regulated by the Financial Services Authority, chooses to introduce its customers to: 

- Legal & General for the purposes of advising on and arranging life assurance and investment products bearing Legal & General's name; and engage Mutual Assurance for the purpose of arranging stakeholder Child Trust Funds.

All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.

Chelsea Building Society

Chelsea Building Society, Thirlestaine Hall, Thirlestaine Road, Cheltenham, Gloucestershire, GL53 7AL, United Kingdom.

Chelsea Building Society is authorised and regulated by the Financial Services Authority and is entered in its Register under number 206039.

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