Skipton has agreed to merge with rival Chesham Building Society, increasing the group to 92 branches with £15 billion of assets. 

Skipton has agreed to merge with rival Chesham Building Society, increasing the group to 92 branches with £15 billion of assets.

Chesham is the UK’s oldest building society and operates from three branches in Buckinghamshire, Gloucestershire and Hertfordshire. Skipton has agreed to keep Chesham’s branches, which will be reviewed a year after the completion of the deal.

Paul Kilbride, chief executive of Chesham, says: ‘The merger will result in Chesham’s members having access to Skipton’s large branch network, its postal and telephone investment service, internet facilities, and to a broader range of products and services.’

The deal comes after Skipton’s merger with Scarborough Building Society in March last year. The group reported an increase in pre-tax profits of 182 per cent to £63.5 million in 2009.