Coventry and Stroud and Swindon building society talks

[dutchman]

The UK's third largest building society, Coventry, is discussing the possibility of merging with its smaller rival Stroud and Swindon.

The negotiations are at an early stage and Coventry said there was no certainty of a deal which would only go ahead if both organisations benefited.

Linda Will, of Stroud and Swindon, confirmed the talks and said the firm's board had to consider any proposal.

The move could create a new enhanced player with more than £20bn in assets.

Ms Will said: "We are in very early stage talks about which there is no detail."

A statement issued by the Coventry Building Society said: "Any merger, if agreed, would require the formal approval of Stroud and Swindon's savings and borrowing members as well as confirmation by the Financial Services Authority."

The statement added that no action by members was required.

Stroud and Swindon has 265,000 members and just under £3bn in assets, employs 400 people across its Stroud headquarters and branch network of 22 offices and 21 agencies in the south west.

Coventry has 1.2m members and a network of 48 branches located throughout the Midlands.

[mozoke]

does that mean im going to get shares being with the cov for 30 years

[dutchman]

does that mean im going to get shares being with the cov for 30 years

Extremely unlikely. This is a takeover of the smaller society in everything but name and the days of members being compensated for the loss of voting rights appear to have gone forever?

The Cov is in an extremely strong financial position right now and likely to gobble up every smaller society it can.

[mozoke]

does that mean im going to get shares being with the cov for 30 years

Extremely unlikely. This is a takeover of the smaller society in everything but name and the days of members being compensated for the loss of voting rights appear to have gone forever?

The Cov is in an extremely strong financial position right now and likely to gobble up every smaller society it can.

there goes my early retirement then

[dutchman]

Perhaps they could consider sponsoring the local football team as many other building societies do?