The merger announced today, will see Yorkshire Building Society, the UK’s second largest building society with assets exceeding £30bn join forces with N&P, the UK’s ninth largest society with assets of £3.7bn. The proposed merger will create an enlarged Society with three million members and 224 branches and is expected to complete on 1 November 2011.

The combined Society, which will be known as Yorkshire Building Society, will be focused on the traditional building society business of residential mortgages and savings and will be principally retail funded. The N&P name will be retained as a separate and distinct brand within the Yorkshire, similar to the Chelsea and Barnsley brands.

The Addleshaw Goddard team advising N&P is led by financial services partner Adam Bennett together with corporate finance partner Ian McIntosh and associate Anna Briggs.